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Long-run and short-run money demand: which price deflator to use? Some evidence using New Zealand data

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  • Pierre Siklos

Abstract

When institutional and financial changes are great, findings about the influence of income and opportunity cost variables on money demand, and the stability of any such relationship, may be influenced by how prices are measured. This paper considers the case of New Zealand, which has experienced several large regime shifts in the space of a decade. Using the cointegration/error correction framework, it is found that consumer prices excluding interest costs provide the most meaningful measure of money demand.

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  • Pierre Siklos, 1995. "Long-run and short-run money demand: which price deflator to use? Some evidence using New Zealand data," Applied Economics Letters, Taylor & Francis Journals, vol. 2(6), pages 199-202.
  • Handle: RePEc:taf:apeclt:v:2:y:1995:i:6:p:199-202 DOI: 10.1080/135048595357447
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    Cited by:

    1. Saten Kumar & Don J. Webber, 2013. "Australasian money demand stability: application of structural break tests," Applied Economics, Taylor & Francis Journals, vol. 45(8), pages 1011-1025, March.
    2. Abbas Valadkhani, 2002. "Long- and short-run determinants of the demand for money in New Zealand: A cointegration analysis," New Zealand Economic Papers, Taylor & Francis Journals, vol. 36(2), pages 235-250.
    3. Abbas Valadkhani, 2003. "Long and Short-Run Determinants of Money Demand in New Zealand: Evidence from Cointegration Analysis," School of Economics and Finance Discussion Papers and Working Papers Series 132, School of Economics and Finance, Queensland University of Technology.

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