Long-run and short-run money demand: which price deflator to use? Some evidence using New Zealand data
AbstractWhen institutional and financial changes are great, findings about the influence of income and opportunity cost variables on money demand, and the stability of any such relationship, may be influenced by how prices are measured. This paper considers the case of New Zealand, which has experienced several large regime shifts in the space of a decade. Using the cointegration/error correction framework, it is found that consumer prices excluding interest costs provide the most meaningful measure of money demand.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Applied Economics Letters.
Volume (Year): 2 (1995)
Issue (Month): 6 ()
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- Saten Kumar & Don J. Webber, 2013.
"Australasian money demand stability: application of structural break tests,"
Taylor & Francis Journals, vol. 45(8), pages 1011-1025, March.
- Don J. Webber & Saten Kumar, 2011. "Australasian money demand stability:Application of structural break tests," Working Papers 1101, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
- Kumar, Saten & Webber, Don J., 2010. "Australasian money demand stability: Application of structural break tests," MPRA Paper 27569, University Library of Munich, Germany.
- Abbas Valadkhani, 2003. "Long and Short-Run Determinants of Money Demand in New Zealand: Evidence from Cointegration Analysis," School of Economics and Finance Discussion Papers and Working Papers Series 132, School of Economics and Finance, Queensland University of Technology.
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