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Long- and short-run determinants of the demand for money in New Zealand: A cointegration analysis

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  • Abbas Valadkhani

Abstract

The existence of a stable demand for money is very important for the conduct of monetary policy even in this new era of inflation targeting. This paper examines the long-run determinants of the demand for M3 in New Zealand employing the Johansen cointegration technique and quarterly data for the period 1988: 1-2002: 2- The paper finds, inter alia, that the demand for money is cointegrated with real income, the spread between interest on money and on non-money assets, the expected rate of inflation, and the real effective, (trade weighted index) exchange rate.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544373
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal New Zealand Economic Papers.

Volume (Year): 36 (2002)
Issue (Month): 2 ()
Pages: 235-250

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Handle: RePEc:taf:nzecpp:v:36:y:2002:i:2:p:235-250

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Cited by:
  1. Adnan Haider & Asad Jan & Kalim Hyder, 2013. "On the (Ir)Relevance of Monetary Aggregate Targeting in Pakistan: An Eclectic View," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 18(2), pages 65-119, July-Dec.

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