The Macroeconomic Reform and the Demand for Money in India
AbstractThe paper is an attempt to estimate the short-run and long-run money demand functions in India for the decade of the ninety. The paper tries to closely follow the methodologies laid down in Chow (1966), Hendry (1980), Rose (1985) and Hwang (1985). The main findings of the paper are: (i) permanent income is not an appropriate epresentation of the scale variable, (ii) the positive interest elasticity of demand for money in the short-run (iii) limited ability of economic agents in removing disequilibrium of past period and (iv) rejection of the real adjustment hypothesis.
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Bibliographic InfoPaper provided by University of Pretoria, Department of Economics in its series Working Papers with number 200502.
Length: 21 pages
Date of creation: Aug 2005
Date of revision:
Demand for Money; Error Correction Models; Partial Adjustment Models;
Find related papers by JEL classification:
- E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
- C2 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models &bull Diffusion Processes
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