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Does Money Still Matter in a Dynamic Context? Some Canadian Evidence


  • M. Aynul Hasan

    (Acadia University)

  • Syed F. Mahmud

    (Bilkent University)


This paper purports to re-examine the role of real money balances in the production process in a dynamic framework. The dynamic demand system estimated consists of demand for labour, capital and real money balances. This demand system is based on the work of Morrison and Berndt. The main finding of our study is that money does play a significant role in the production process. This is evident from the fact that the own and cross price elasticities associated with real cash balances are significantly different from zero.

Suggested Citation

  • M. Aynul Hasan & Syed F. Mahmud, 1992. "Does Money Still Matter in a Dynamic Context? Some Canadian Evidence," Indian Economic Review, Department of Economics, Delhi School of Economics, vol. 27(1), pages 91-98, July.
  • Handle: RePEc:dse:indecr:v:27:y:1992:i:1:p:91-98

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    More about this item

    JEL classification:

    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers


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