Testing the quantity theory of money in Greece


Ozmen E.

APPLIED ECONOMICS LETTERS, cilt.10, ss.971-974, 2003 (SSCI İndekslerine Giren Dergi) identifier identifier

  • Cilt numarası: 10 Konu: 15
  • Basım Tarihi: 2003
  • Doi Numarası: 10.1080/1350485032000164044
  • Dergi Adı: APPLIED ECONOMICS LETTERS
  • Sayfa Sayıları: ss.971-974

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.