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Empirical Evidence For A Money Demand Function: A Panel Data Analysis Of 27 Countries In 1988-98

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  • GARCIA-HIERNAUX, Alfredo
  • CERNO, Leonel

Abstract

The purpose of this paper is to estimate the money demand function of Cagan (1956) using a panel data set covering 27 countries with different economic levels over the period 1988-98. The static fixed effects and the dynamic fixed effects reveal that a money demand equation exists. However, in contrast to the theory proposed by Cagan, estimates of the output elasticity of money demand are in the range from 0.18 to 0.20.

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Bibliographic Info

Article provided by Euro-American Association of Economic Development in its journal Applied Econometrics and International Development.

Volume (Year): 6 (2006)
Issue (Month): 1 ()
Pages:

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Handle: RePEc:eaa:aeinde:v:6:y:2006:i:1_4

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Related research

Keywords: Money demand; Inflation; Panel data; Dynamic fixed effects;

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References

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  1. Lucas, Robert E., 1988. "Money demand in the United States: A quantitative review," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 29(1), pages 137-167, January.
  2. Teresa Garin-Munoz & Teodosio Perez Amaral, 2000. "An econometric model for international tourism flows to Spain," Applied Economics Letters, Taylor & Francis Journals, vol. 7(8), pages 525-529.
  3. Sala-i-Martin, X. & Mulligan, C.B., 1992. "U.S. Money Demand: Surprising Cross-Sectional Estimates," Papers 671, Yale - Economic Growth Center.
  4. Nasri Harb, 2004. "Money demand function: a heterogeneous panel application," Applied Economics Letters, Taylor & Francis Journals, vol. 11(9), pages 551-555.
  5. JØrgen Wolters & Helmut LØtkepohl, 1998. "A money demand system for German M3," Empirical Economics, Springer, vol. 23(3), pages 371-386.
  6. King, Robert G., 1988. "Money demand in the United States: A quantitative review," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 29(1), pages 169-172, January.
  7. Dekle, Robert & Pradhan, Mahmood, 1999. "Financial Liberalization and Money Demand in the ASEAN Countries," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 4(3), pages 205-15, July.
  8. Erdal Ozmen, 1998. "Is currency seigniorage exogenous for inflation tax in Turkey?," Applied Economics, Taylor & Francis Journals, vol. 30(4), pages 545-552.
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