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Testing The Quantity Theory of Money in Greece: A Note

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  • Erdan Ozmen

    ()
    (Department of Economics, METU)

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    Abstract

    This paper investigates whether the Greek data actually support the monetarist hypotheses as argued by Karfakis (2002). The results based on both ARDL and Johansen procedures consistently suggest that money and nominal income (prices) are endogenous for the parameters of the long-run evolution of velocity (real money balances). Thus, the basic postulation of monetarism, the exogeneity of money, appears not to be supported by the Greek data.

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    File URL: http://www.erc.metu.edu.tr/menu/series03/0310.pdf
    File Function: First version, 2003
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    Bibliographic Info

    Paper provided by ERC - Economic Research Center, Middle East Technical University in its series ERC Working Papers with number 0310.

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    Length: 12 pages
    Date of creation: Oct 2003
    Date of revision: Oct 2003
    Handle: RePEc:met:wpaper:0310

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    Web page: http://www.erc.metu.edu.tr
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    Keywords: Greece; Quantity Theory of Money;

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    1. Johansen, Soren, 1992. "Cointegration in partial systems and the efficiency of single-equation analysis," Journal of Econometrics, Elsevier, vol. 52(3), pages 389-402, June.
    2. Pesaran, M. Hashem & Shin, Y. & Smith, R.J., 1999. "Bounds Testing Approaches to the Analysis of Long-run Relationships," Cambridge Working Papers in Economics 9907, Faculty of Economics, University of Cambridge.
    3. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
    4. Costas Karfakis, 2002. "Testing the quantity theory of money in Greece," Applied Economics, Taylor & Francis Journals, vol. 34(5), pages 583-587.
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    Cited by:
    1. Athanasios L. Athanasenas & Constantinos Katrakilidis, 2008. "An Eclectic Causality Model for Income Growth: Evidence from Greece," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 31-46.
    2. Özgür Aslan & Levent Korap, 2007. "Testing Quantity Theory of Money for the Turkish Economy," Journal of BRSA Banking and Financial Markets, Banking Regulation and Supervision Agency, vol. 1(2), pages 93-109.
    3. Levent, Korap, 2009. "The search for co-integration between money, prices and income: low frequency evidence from the Turkish economy," MPRA Paper 19557, University Library of Munich, Germany.
    4. Levent, Korap, 2008. "Long-run relations between money, prices and output: the case of Turkey," MPRA Paper 20265, University Library of Munich, Germany.

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