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Testing The Quantity Theory of Money in Greece: A Note

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Author Info
Erdan Ozmen () (Department of Economics, METU)
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 Format: application/pdf
File Function: First version, 2003
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Publisher Info
Paper provided by ERC - Economic Research Center, Middle East Technical University in its series ERC Working Papers with number 0310.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
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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Related research
Keywords: Greece; Quantity Theory of Money;

Find related papers by JEL classification:
E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  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. [Downloadable!] (restricted)
  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. [Downloadable!]
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  3. Karfakis, Costas, 2002. "Testing the Quantity Theory of Money in Greece," Applied Economics, Taylor and Francis Journals, vol. 34(5), pages 583-87, March. [Downloadable!] (restricted)
  4. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254. [Downloadable!] (restricted)
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This page was last updated on 2009-12-17.

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