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The Impact of Stock Price Index on Demand for Money in Iran

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  • Heidari, Hassan
  • Faaljou, Hamidreza
  • Adibzadeh, Farhad

Abstract

Friedman (1988) introduced Stock Price Index (SPI) as explanatory variables into the money demand function. He explained that SPI has two effect substitution and income effects on money demand. This study examines the long-run effect of stock price on demand for money by using Bounds test approach to level relationship

Suggested Citation

  • Heidari, Hassan & Faaljou, Hamidreza & Adibzadeh, Farhad, 2011. "The Impact of Stock Price Index on Demand for Money in Iran," Journal of Monetary and Banking Research (فصلنامه پژوهش‌های پولی-بانکی), Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 2(6), pages 27-68, March.
    • Handle: RePEc:mbr:jmbres:v:2:y:2011:i:6:p:27-68
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