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On the stability of the long-run money demand in Greece

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  • Costas Karfakis
  • Moise Sidir Opoulos

Abstract

The paper examines the existence and the stability of the long-run demand for narrow money balances (M1) in Greece over the deregulated period 1986:Q1-1995:Q4 using time series techniques. Cointegration tests have revealed the existence of a systematic long-run relationship between real money balances, real income, and the interest rate. An interesting aspect of the stability analysis is the evidence that the long-run money demand equation is stable over the sample period, implying that the narrow money aggregate could have been used as an intermediate target of monetary policy in Greece.

Suggested Citation

  • Costas Karfakis & Moise Sidir Opoulos, 2000. "On the stability of the long-run money demand in Greece," Applied Economics Letters, Taylor & Francis Journals, vol. 7(2), pages 83-86.
    • Handle: RePEc:taf:apeclt:v:7:y:2000:i:2:p:83-86
    DOI: 10.1080/135048500351861
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    Cited by:

    1. Mohsen Bahmani-oskooee & Charikleia Economidou, 2005. "How stable is the demand for money in Greece?," International Economic Journal, Taylor & Francis Journals, vol. 19(3), pages 461-472.
    2. repec:kap:iaecre:v:14:y:2008:i:2:p:205-214 is not listed on IDEAS
    3. Christos Karpetis, 2008. "Money, Income and Inflation in Equilibrium – The Case of Greece," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 14(2), pages 205-214, May.

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