IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Supply of Money and Food Prices: A Time Series Analysis

Listed author(s):
  • Nikolaos Ziotis

    (Department of Agricultural Economics & Rural Development, Agricultural University of Athens, Greece)

  • Christos T. Papadas


    (Department of Agricultural Economics & Rural Development, Agricultural University of Athens, Greece)

Registered author(s):

    Relationships between monetary variables and price indices continue always to be the subject of research interest and studies. This paper examines the relationship between money supply and retail food prices in Greece, using individual time series of monthly data for these variables. ADF unit root testing shows that both series are non stationary at their levels. However, the series are stationary at their first differences and further analysis shows that the two I(1) variables are cointegrated, having a stationary, proportional, long-run equilibrium relationship. Both, the Johansen and Engle-Granger procedures are implemented. Estimation of Vector Error Correction (VEC) models allows for the derivation of the cointegrating vector and relationship, and results seem to justify the argument of money neutrality with regards to food prices. VEC estimation makes feasible also, the calculation of the adjustment speed to the long-run equilibrium between the two variables considered.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL:
    File Function: Version 1
    Download Restriction: no

    Paper provided by Agricultural University of Athens, Department Of Agricultural Economics in its series Working Papers with number 2009-06.

    in new window

    Length: 14
    Date of creation: 2009
    Handle: RePEc:aua:wpaper:2009-06
    Contact details of provider: Web page:

    More information through EDIRC

    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:aua:wpaper:2009-06. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Kremmydas dimitrios)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.