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Money demand, the Cagan model, testing rational expectations vs adaptive expectations: The case of Turkey

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Author Info

  • Kivilcim Metin

    ()
    (Department of Economics, Bilkent University, 06533 Ankara, Turkey)

  • Ilker Muslu

    ()
    (Department of Economics, Bilkent University, 06533 Ankara, Turkey)

Abstract

This paper estimates the Cagan type demand for money function for Turkish economy during the period 1986:1-1995:3 and tests whether Cagan's specification fits the Turkish data using an econometric technique assuming that forecasting errors are stationary. This paper also tests the hypothesis that monetary policy was implemented in aiming to maximize the inflation tax revenue. Finally, the Cagan model is estimated with the additional assumption of rational expectations for Turkey for the considered period.

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Bibliographic Info

Article provided by Springer in its journal Empirical Economics.

Volume (Year): 24 (1999)
Issue (Month): 3 ()
Pages: 415-426

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Handle: RePEc:spr:empeco:v:24:y:1999:i:3:p:415-426

Note: received: March 1998/final version received: October 1998
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Related research

Keywords: Adaptive expectations · cointegration · hyperinflation · inflation tax · money demand · rational expectations · unit root;

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Cited by:
  1. Artur C. B. da Silva Lopes, 2004. "Deterministic Seasonality in Dickey-Fuller Tests: Should We Care?," Econometrics 0402007, EconWPA, revised 18 Mar 2004.
  2. Hugo Benítez-Silva & Debra Dwyer & Wayne-Roy Gayle & Thomas Muench, 2008. "Expectations in micro data: rationality revisited," Empirical Economics, Springer, vol. 34(2), pages 381-416, March.
  3. Levent, Korap, 2006. "Seigniorage revenue and Turkish economy," MPRA Paper 20106, University Library of Munich, Germany.

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