Testing the quantity theory of money in Greece

Ozmen E.

Applied Economics Letters, cilt.10, sa.15, ss.971-974, 2003 (SCI-Expanded) identifier identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 10 Sayı: 15
  • Basım Tarihi: 2003
  • Doi Numarası: 10.1080/1350485032000164044
  • Dergi Adı: Applied Economics Letters
  • Derginin Tarandığı İndeksler: Science Citation Index Expanded (SCI-EXPANDED), Social Sciences Citation Index (SSCI), Scopus
  • Sayfa Sayıları: ss.971-974
  • Orta Doğu Teknik Üniversitesi Adresli: Evet

Özet

This paper investigates whether the Greek data actually support the monetarist hypotheses as argued by Karfakis. 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.