Interest Free and Interest-Bearing Money Demand: Policy Invariance and Stability
AbstractThis paper, using quarterly Iranian data for the period 1966-1998, extends the literature by investigating the stability of the interest-free money demand function. The study also examines the stability of economic agents behavior in demanding interest bearing and interest- free money. It was found that, contrary to interest-bearing demand for money, both short and long run demand for interest-free money functions are stable and their coefficients are invariant with respect to policy and other exogenous shocks, as well as changes in regime.
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Bibliographic InfoPaper provided by Economic Research Forum in its series Working Papers with number 0214.
Length: 20 pages
Date of creation: May 2002
Date of revision: May 2002
Publication status: Published by The Economic Research Forum (ERF)
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