Volume 4, Issue 13 (10-2013)
jemr 2013, 4(13): 91-118 |
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erfani A, sadeghi K, poya M M. Estimation of Demand Money Function of Iran by the use of Divisia index . jemr 2013; 4 (13) :91-118
URL: http://jemr.khu.ac.ir/article-1-563-en.html
URL: http://jemr.khu.ac.ir/article-1-563-en.html
1- semnan university , erfani88@gmail.com
2- semnan university
2- semnan university
Abstract: (9985 Views)
Simple sum monetary aggregation approach that based upon perfect substitution of monetary components assumption is inconsistent with microeconomics theories. In this research, using quarterly data of Iran over period 1370:1–1388:1, we first calculate monetary aggregation based on divisia index for both measures of money (M1, M2) and then estimate the demand functions for money for divisia and simple sum monetary aggregations separately.
The results show that the adjustment speed of divisia aggregations is more than that of simple sum aggregations and the demand functions for money that construct by divisia aggregations, are more stable.
Keywords: Monetary Aggregation, Divisia index, Simple Sum Index, Money Demand Function, Cointegration Test, ECM
Type of Study: توسعه ای |
Subject:
پولی و مالی
Received: 2012/10/18 | Accepted: 2013/05/6 | Published: 2014/01/6
Received: 2012/10/18 | Accepted: 2013/05/6 | Published: 2014/01/6
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