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

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  • Antoni Chawluk
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    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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    File URL: http://www.economics.ox.ac.uk/materials/working_papers/paper042.pdf
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    Bibliographic Info

    Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 42.

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    Date of creation: 01 Dec 2000
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    Handle: RePEc:oxf:wpaper:42

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    Related research

    Keywords: money demand; consumption; shortage;

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    1. 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.
    2. Barbara Liberda, 1999. "Household Saving in Poland," CASE Network Studies and Analyses 0187, CASE-Center for Social and Economic Research.
    3. Kornai, Janos & Weibull, Jorgen W, 1978. " The Normal State of the Market in a Shortage Economy: A Queue Model," Scandinavian Journal of Economics, Wiley Blackwell, vol. 80(4), pages 375-98.
    4. Acharya Arnab & Spagat Michael, 1995. "A General Model of the Soviet Consumer," Journal of Comparative Economics, Elsevier, vol. 20(3), pages 302-315, June.
    5. Chawluk, Antoni & Cross, Rod, 1994. "Zloty and Dollar Balances in Poland 1965-1993," The Manchester School of Economic & Social Studies, University of Manchester, vol. 62(0), pages 41-66, Suppl..
    6. 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.
    7. 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.
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