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Estimates of Demand for Money and Consumption Functions for the Household Sector in Poland, 1967-1999

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Author Info
Antoni Chawluk
Abstract

The paper analyses household money demand and consumption. Variables that measure shortage and expectations about its future course are introduced to capture the effects of the transition from centrally planned to market economy. The Johansen procedure is used to identify a system of the two cointegrating vectors. The Chow tests support stability in the error correction equations. The reported results show that disequilibrium in household sector money holdings has a strong influence on consumption.

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Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 042.

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Date of creation: 2000
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Handle: RePEc:oxf:wpaper:042

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Related research
Keywords: money demand; consumption; shortage;

Find related papers by JEL classification:
E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
P36 - Economic Systems - - Socialist Institutions and Their Transitions - - - Consumer Economics; Health, Education, Welfare, and Poverty

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  1. Ryland Thomas, . "The Demand for M4: A Sectoral Analysis. Part 1 - The Personal Sector," Bank of England working papers 61, Bank of England. [Downloadable!]
  2. Antoni Chawluk & Rod Cross, 1997. "Measures Of Shortage And Monetary Overhang In The Polish Economy," The Review of Economics and Statistics, MIT Press, vol. 79(1), pages 105-115, February. [Downloadable!] (restricted)
  3. Kornai, Janos & Weibull, Jorgen W, 1978. " The Normal State of the Market in a Shortage Economy: A Queue Model," Scandinavian Journal of Economics, Blackwell Publishing, vol. 80(4), pages 375-98.
  4. Cuthbertson, Keith & Galindo, Luis, 1999. "The Demand for Money in Mexico," Manchester School, University of Manchester, vol. 67(2), pages 154-66, March. [Downloadable!] (restricted)
  5. Weitzman, Martin L, 1991. "Price Distortion and Shortage Deformation, or What Happened to the Soap?," American Economic Review, American Economic Association, vol. 81(3), pages 401-14, June.
  6. Stahl, Dale II & Alexeev, Michael, 1985. "The influence of black markets on a queue-rationed centrally planned economy," Journal of Economic Theory, Elsevier, vol. 35(2), pages 234-250, August. [Downloadable!] (restricted)
  7. Acharya Arnab & Spagat Michael, 1995. "A General Model of the Soviet Consumer," Journal of Comparative Economics, Elsevier, vol. 20(3), pages 302-315, June. [Downloadable!] (restricted)
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