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Testing The Quantity Theory of Money in Greece: A Note

  • Erdan Ozmen

    ()

    (Department of Economics, METU)

This paper investigates whether the Greek data actually support the monetarist hypotheses as argued by Karfakis (2002). The results based on both ARDL and Johansen procedures consistently suggest that money and nominal income (prices) are endogenous for the parameters of the long-run evolution of velocity (real money balances). Thus, the basic postulation of monetarism, the exogeneity of money, appears not to be supported by the Greek data.

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File URL: http://www.erc.metu.edu.tr/menu/series03/0310.pdf
File Function: First version, 2003
Download Restriction: no

Paper provided by ERC - Economic Research Center, Middle East Technical University in its series ERC Working Papers with number 0310.

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Length: 12 pages
Date of creation: Oct 2003
Date of revision: Oct 2003
Handle: RePEc:met:wpaper:0310
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Phone: +90 (312) 210 2003
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Web page: http://www.erc.metu.edu.tr
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  1. Johansen, Soren, 1992. "Cointegration in partial systems and the efficiency of single-equation analysis," Journal of Econometrics, Elsevier, vol. 52(3), pages 389-402, June.
  2. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
  3. Costas Karfakis, 2002. "Testing the quantity theory of money in Greece," Applied Economics, Taylor & Francis Journals, vol. 34(5), pages 583-587.
  4. Pesaran, M. Hashem & Shin, Y. & Smith, R.J., 1999. "Bounds Testing Approaches to the Analysis of Long-run Relationships," Cambridge Working Papers in Economics 9907, Faculty of Economics, University of Cambridge.
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