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Journal articles on the topic 'Money demand function'

Author: Grafiati

Published: 4 June 2021

Last updated: 26 July 2025

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1

HAMBURGER, MICHAEL J. "A STABLE MONEY DEMAND FUNCTION." Contemporary Economic Policy 5, no. 1 (1987): 34–40. http://dx.doi.org/10.1111/j.1465-7287.1987.tb00242.x.

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2

Sumner, Michael. "Leakages from the money demand function." Applied Economics 23, no. 3 (1991): 531–34. http://dx.doi.org/10.1080/00036849100000029.

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3

Harb, Nasri, and Mohammed Nur Hussain. "Money demand function in SAARC countries." International Journal of Economics and Business Research 7, no. 4 (2014): 444. http://dx.doi.org/10.1504/ijebr.2014.062907.

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4

Aşık, Bekir. "Uncertainty and Money Demand Function in Developing Countries." World Journal of Applied Economics 10, no. 2 (2024): 111–36. http://dx.doi.org/10.22440/wjae.10.2.5.

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As monetary policy authorities influence many macroeconomic variables by determining monetary aggregates, their relationships with other macroeconomic variables are critical in setting the most appropriate monetary policy rules. Identifying the variables affecting money demand and having a stable money demand function is essential for monetary policy. This paper examines the stability of the money demand function for 12 developing countries over the sample 2006.Q1-2023.Q3. We employ the Autoregressive Distributed Lag Model and the Cross-Sectionally Autoregressive Distributed Lag Model because

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5

Bhatta, Siddha Raj. "Stability of Money Demand Function in Nepal." Banking Journal 3, no. 1 (2013): 1–27. http://dx.doi.org/10.3126/bj.v3i1.7508.

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This paper examines the long-run stability issue of money demand function in Nepal using the annual data set of 1975-2009 by using the recently developed ARDL modelling to cointegration popularized by Pesaran and Shin (1999). The bounds test shows that there exists the long-run cointegrating relationship among demand for real money balances, real GDP, and interest rate in case of both narrow and broad monetary aggregates. Further, the CUSUM and CUSUMSQ test reveal that both the long-run narrow and broad money demand functions are stable. The results show that demand for money balance in Nepal

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6

Nyumuah, Felix S. "The Impacts of Interest Rate and Exchange Rate Volatilities on the Demand for Money in Developing Economies." International Journal of Economics and Finance 10, no. 3 (2018): 56. http://dx.doi.org/10.5539/ijef.v10n3p56.

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Volatilities in the interest rate and the exchange rate cause instability in money demand functions. This study investigates the effect of interest and exchange rates volatilities on money demand in developing countries using time series data of four African countries namely, Equatorial Guinea, Gambia, Nigeria and Uganda. The model used is a conventional log linear money demand function, with money demand specified as a function of income, interest rate, inflation rate, exchange rate, interest rate volatility and exchange rate volatility. The results show that on the whole the interest rate an

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7

Vukovic, Marija, Ljiljana Miletic, and Jelena Maravic. "Estimation of money demand function for reserve money in Serbia." Industrija 44, no. 4 (2016): 141–57. http://dx.doi.org/10.5937/industrija44-11952.

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8

Al Rasasi, Moayad H. "Assessing the Stability of Money Demand Function in Saudi Arabia." International Journal of Economics and Financial Research, no. 62 (February 15, 2020): 22–28. http://dx.doi.org/10.32861/ijefr.62.22.28.

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This paper aims to investigate the stability of money demand function for Saudi Arabian economy over the period of 2007:Q1-2018:Q4 by applying various structural break tests. The obtained results from the utilized tests reveal the stability of money demand function. The estimated money demand function also shows the impact of income on money demand is consistent with theory expectations in addition to the positive impact of exchange rate and interest rate on the demand for money. Moreover, the estimated error correction model indicates that money demand needs about 5 quarters to adjust to its

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9

Adil, Masudul Hasan, Neeraj Hatekar, and Pravakar Sahoo. "The Impact of Financial Innovation on the Money Demand Function: An Empirical Verification in India." Margin: The Journal of Applied Economic Research 14, no. 1 (2020): 28–61. http://dx.doi.org/10.1177/0973801019886479.

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Traditional money demand functions are often criticized for persistent over-prediction, implausible parameter estimates, highly serially correlated errors and unstable money demand. This study argues that some of these problems may have emerged for the lack of factoring financial innovation into the money demand function. This study estimates money demand for India during the post-reform period, from 1996:Q2 to 2016:Q3. The money demand function is estimated with the linear ARDL approach to cointegration developed by Pesaran, Shin, & Smith (2001), Bounds testing approaches to the analysis

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10

Tumturk, Oguz. "Stability of Money Demand Function in Turkey." Business and Economics Research Journal 8, no. 1 (2017): 35–48. http://dx.doi.org/10.20409/berj.2017126243.

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11

Cheong Tang, Tuck. "Money demand function for Southeast Asian countries." Journal of Economic Studies 34, no. 6 (2007): 476–96. http://dx.doi.org/10.1108/01443580710830952.

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12

Harb *, Nasri. "Money demand function: a heterogeneous panel application." Applied Economics Letters 11, no. 9 (2004): 551–55. http://dx.doi.org/10.1080/1350485042000225739.

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13

Elyasiani, Elyas, and Hadi Movaghari. "Money demand function with time-varying coefficients." Quarterly Review of Economics and Finance 98 (December 2024): 101914. http://dx.doi.org/10.1016/j.qref.2024.101914.

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14

Leventakis, John A., and Sophocles N. Brissimis. "INSTABILITY OF THE U.S. MONEY DEMAND FUNCTION." Journal of Economic Surveys 5, no. 2 (1991): 131–61. http://dx.doi.org/10.1111/j.1467-6419.1991.tb00130.x.

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15

Bae, Youngsoo, and Robert M. de Jong. "Money demand function estimation by nonlinear cointegration." Journal of Applied Econometrics 22, no. 4 (2007): 767–93. http://dx.doi.org/10.1002/jae.915.

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16

Budha, Birendra Bahadur. "An Empirical Analysis of Money Demand Function in Nepal." NRB Economic Review 23, no. 1 (2011): 54–70. http://dx.doi.org/10.3126/nrber.v23i1.52751.

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This paper analyzes the money demand function for Nepal during the period of the FY 1997/98 to FY 2009/10 using annual data. The empirical results imply that the cointegration tests clearly show the existence of the long-run relationship between real money balances and its determinants, output and interest rate. The vector error correction model has proved the short-run relationship between the real money balances and its determinants. Furthermore, Dynamic OLS estimation of the money demand function indicate that the sign of coefficients of the output and interest rate were found to be consist

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17

Nwachukwu, Udochuwu G., Nwigboji E. Egbeoma, and Friday Nkwede. "Rethinking money demand function in Nigeria using Toda-Yamamoto Approach." African Journal of Social Issues 4, no. 1 (2022): 123–49. http://dx.doi.org/10.4314/ajosi.v4i1.7.

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This study examined the demand for money in Nigeria from 1980 to 2019, employing various techniques of econometric analysis. The study was motivated to determine whether Keynes liquidity preference theory holds in Nigeria and to ascertain whether money demand function is stable in Nigeria. The Augmented Dickey Fuller (ADF) unit root test showed that the variables were stationary at different levels. The test of stability showed that the estimated parameters for the study are stable within the period under study. Thus, money demand function is stable in Nigeria. Considering a year period lag in

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18

Adriansyah, Henry Martin. "UANG PERSPEKTIF EKONOMI ISLAM." SHARING: JOURNAL OF ISLAMIC ECONOMICS, MANAGEMENT AND BUSINESS 2, no. 2 (2023): 41–50. http://dx.doi.org/10.31004/sharing.v2i2.19745.

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In Islamic economics, the motives that influence a person to have money are justified only for transactions and precautions. In Islam, someone having money for speculation is prohibited because money according to Islam is only a medium of exchange and a standard of value, so al-Ghazali argued that trading money with money is prohibited because it will imprison the function of money as a medium of exchange. If money can buy or be purchased with other money, then money no longer functions as a medium of exchange but as a commodity. This is prohibited in Islam. Based on his theory about the funct

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19

Sadeghi, Farzaneh, and Saeed Khadivy Rofougar. "THE MONEY DEMAND FUNCTIONS IN ISLAMIC ECONOMY: NEW EVIDENCE FROM IRAN-ARDL APPROACH." Journal of Islamic Monetary Economics and Finance 4, no. 2 (2019): 205–22. http://dx.doi.org/10.21098/jimf.v4i2.922.

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The demand for money is one of the most fundamental issues of the monetary economy for policy decision. On the other hand, according to the principle of prohibition of Riba, attitudes about the money market conditions in Islamic economics, is quite different from conventional economics. Hence achieving the money demand function in an Islamic country would be necessary. Most studies about the money demand in Islamic economy used the Keynesian approach, while in modern macroeconomics, money demand function derived by using the microeconomics-based approach. Hence in this article investigat

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20

Kapingura, Forget Mingiri. "The Stability Of The Money Demand Function In South Africa: A VAR-Based Approach." International Business & Economics Research Journal (IBER) 13, no. 6 (2014): 1471. http://dx.doi.org/10.19030/iber.v13i6.8935.

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The study examines the stability of the money demand function from 1994 to 2012 using quarterly data. The study utilises the Johansen co-integration to analyse the long-term relationship between the money demand function and its determinants. The CUSUM and CUSUMSQ were also used to examine the stability of the South African money demand function. The co-integration test proved that there exists a long-term relationship between the money demand function and its determinants. However, the CUSUM and CUSUMSQ proved that the South African money demand was unstable from 2003 to 2007. This therefore

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21

Godana, Solomon Senbeto. "Demand for Money and Inflation in Ethiopia." Macro Management & Public Policies 5, no. 3 (2023): 64–77. http://dx.doi.org/10.30564/mmpp.v5i3.5722.

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One of the vital components of the macroeconomic model that helps policymaking is the demand for money function. Having reliable predictions on the money demand function helps in determining the optimum growth of money supply which is vital in controlling the inflation rate in the economy and also preventing monetary disturbances from affecting real output. In order to formulate and estimate the money demand function in Ethiopia, this study used quarterly data from 2000Q3 to 2021Q2 and employed the Ordinary Least Square method and Engle-Granger two-stage procedure for empirical analysis. The e

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22

Naser, Ruaa. "Measuring the impact of some macroeconomic variables on the stability of demand for money for the period from 2004-2021." Al Kut Journal of Economics and Administrative Sciences 16, no. 51 (2024): 681–706. http://dx.doi.org/10.29124/kjeas.1651.30.

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The overall variables directly affect the demand function, and the level of influence varies according to the type of relationship between those variables and the money demand function, which is the cornerstone of monetary theory. Indeed, Friedman believes that monetary theory is a theory of money demand in the first place, and the demand for money if Looking at it from a historical angle, interest in it began under the Cambridge School, which replaced the speed of money circulation with the speed of income circulation, and thus achieved a qualitative shift in monetary theory that occurred thr

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23

Kerdpitak, Chayanan. "Demand for Money Function in Case of Philippines: An Empirical Analysis." Research in World Economy 11, no. 1 (2020): 220. http://dx.doi.org/10.5430/rwe.v11n1p220.

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An effective formulation of monetary policy provides an empirical and coherent model of money related with demand. In order for the monetary authorities to understand the demand for the purpose of money function, the steadiness of money demand is important as it leads towards an application of efficient monetary policy. In order to examine the stability of money demand function of Philippines, following study was conducted with broad money, real asset price index, GDP deflator, real GDP, long-term interest rate and short-term interest rate. For empirical investigation, unit root test, cointegr

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24

Masrifah, Atika Rukminastiti, and Fajrin Intan Safitri. "THE IMPACT OF ZAKAT ON MONEY DEMAND FUNCTION: EVIDENCE FROM MUZAKKI IN INDONESIA." Jurnal Ekonomi dan Bisnis Islam (Journal of Islamic Economics and Business) 7, no. 2 (2021): 308. http://dx.doi.org/10.20473/jebis.v7i2.28670.

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Most research in the Islamic economy on the money demand have employed the Keynesian approach, while in this research money demand functions are derived from a microeconomic approach. Thus, the aim of this study is to test and analyze some of the key factors in Islamic money demand model with the microeconomics-based approach, and then, in accordance with Islamic principles, chooses muzakki as the best sample. The data source for this study is 200 muzakki in Java, with a period of 2020. Structural Equation Modelling (SEM) is adopted to examine the relationship between the seven constructs, i.e

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25

Soebagiyo, Daryono. "PERANAN PENDAPATAN RIIL, TINGKAT BUNGA DAN INFLASI DALAM FUNGSI PERMINTAAN UANG." Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan 4, no. 1 (2017): 30. http://dx.doi.org/10.23917/jep.v4i1.4015.

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This writing to see problem of real income, inflation, and interest rate in money demand function. There are some perception similarities that money demand largely depends on the income or GNP (Gross National Product), besides other factors involved, like interest and inflation rates. However, to make and estimation about money demand in and economic system, it will involved some interrelated problems. (I) The definition of the most suitable money, (2) argumentation about money demand function, (3) the stability of the function statistically from period to period.The writer persons a study mod

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26

Niyimbanira, Ferdinand. "Money Demand In South Africa Revisited: A Detailed Analysis Of Different Models." International Business & Economics Research Journal (IBER) 12, no. 4 (2013): 427. http://dx.doi.org/10.19030/iber.v12i4.7741.

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Many macroeconomists acknowledge the importance of behavior in a money demand relationship when formulating an efficient monetary policy. Many efforts have been made to estimate the money demand in function using many different specifications. This paper discusses South African empirical literature review of money demand. It revealed that different methods have been used to analyze the demand for money in South Africa, such as the linear function approach, the partial stock adjustment model, and the buffer stock disequilibrium money model. This study also discovered that few studies are done u

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27

Mizen, Paul. "Microfoundations for a Stable Demand for Money Function." Economic Journal 107, no. 443 (1997): 1202–12. http://dx.doi.org/10.1111/j.1468-0297.1997.tb00019.x.

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28

Nair, Mahendhiran, Muthi Samudram, and Santha Vaithilingam. "Malaysian Money Demand Function Revisited: The ARDL Approach." Journal of Asia-Pacific Business 9, no. 2 (2008): 193–209. http://dx.doi.org/10.1080/10599230801981944.

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29

HAMORI, NAOKO, and SHIGEYUKI HAMORI. "Stability of the money demand function in Germany." Applied Economics Letters 6, no. 5 (1999): 329–32. http://dx.doi.org/10.1080/135048599353339.

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30

MacDonald, Ronald, and Mark P. Taylor. "A stable US money demand function, 1874–1975." Economics Letters 39, no. 2 (1992): 191–98. http://dx.doi.org/10.1016/0165-1765(92)90289-b.

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31

Lee, Chien-Chiang, and Mei-Se Chien. "Stability of money demand function revisited in China." Applied Economics 40, no. 24 (2008): 3185–97. http://dx.doi.org/10.1080/00036840600994153.

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32

Choi, Kyongwook, and Chulho Jung. "Structural changes and the US money demand function." Applied Economics 41, no. 10 (2009): 1251–57. http://dx.doi.org/10.1080/00036840601007385.

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33

Fadil, Farah. "Saudi Arabia's Money Demand Function: A Further Comment." Journal of Economic Studies 12, no. 5 (1985): 67–70. http://dx.doi.org/10.1108/eb002616.

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34

Gupta, Kanhaya L., and Bakhtiar Moazzami. "Dynamic specification and the demand for money function." Economics Letters 27, no. 3 (1988): 229–31. http://dx.doi.org/10.1016/0165-1765(88)90175-9.

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35

Mverecha, Joseph. "The Demand for Real Money Balances in Zimbabwe: An Error Correction Estimation." American Journal of Economics 8, no. 3 (2024): 36–55. http://dx.doi.org/10.47672/aje.2195.

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Purpose: The purpose of the study is to examine the stability of the money demand function in Zimbabwe. Understanding, the money demand function is a prerequisite for effective monetary policy formulation and understanding the monetary transmission process and shocks propagation in the economy. Materials and Methods: The study employs the error correction modeling methodology to investigate the money demand function for Zimbabwe using quarterly data from 2017q2 – 2023q2. The analysis is expanded to characterize the monetary transmission mechanism following a shock to the price level and how th

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36

Deviyantini, Deviyantini, Iman Sugema, and Tony Irawan. "STRUCTURAL BREAKS DAN KETIDAKSTABILAN PERMINTAAN UANG DI INDONESIA." JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN 6, no. 2 (2018): 47–60. http://dx.doi.org/10.29244/jekp.6.2.2017.47-60.

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This research aims to identify the sources of instability of the money demand function (M1 and M2) due to structural changes that occur as a result of economic shocks. These shocks are technically shown by the presence of structural breaks in the data and can lead the parameters non-constancy. The instability of the money demand function was analyzed using the Gregory and Hansen test. The source of instability of the money demand was identified using time varying parameter model. This research used quarterly time series data from 1993Q1 to 2013Q4. The results show that the money demand functio

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37

Deviyantini, Deviyantini, Iman Sugema, and Tony Irawan. "STRUCTURAL BREAKS DAN KETIDAKSTABILAN PERMINTAAN UANG DI INDONESIA." JURNAL EKONOMI DAN KEBIJAKAN PEMBANGUNAN 6, no. 2 (2018): 47–60. http://dx.doi.org/10.29244/jekp.6.2.47-60.

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This research aims to identify the sources of instability of the money demand function (M1 and M2) due to structural changes that occur as a result of economic shocks. These shocks are technically shown by the presence of structural breaks in the data and can lead the parameters non-constancy. The instability of the money demand function was analyzed using the Gregory and Hansen test. The source of instability of the money demand was identified using time varying parameter model. This research used quarterly time series data from 1993Q1 to 2013Q4. The results show that the money demand functio

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38

Kallon, Kelfala M. "The Demand for Money in Sierra Leone Revisited." Journal of African Development 11, no. 1 (2009): 41–59. http://dx.doi.org/10.5325/jafrideve.11.1.0041.

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Abstract This paper uses Johansen's cointegration methodology to estimate Sierra Leone's money long run demand function for the 1964-2005 period. It finds a stable long-run relationship between the quantity of real money balances and its determinants. Secondly, all the estimated coefficients have their expected signs. Additionally, as expected in economies with under-developed financial systems, Sierra Leone's long-run money demand function is unit income-elastic and interest-rate inelastic. Thus, the study provides support for the neoclassical money demand specification. Additionally, it reaf

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39

Song, Kosal, and Siphat Lim. "A Comprehensive Investigation into the Money Demand Function in Cambodia: An Empirical Analysis." Asian Journal of Economics, Business and Accounting 23, no. 22 (2023): 358–71. http://dx.doi.org/10.9734/ajeba/2023/v23i221157.

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The objective of this study is to establish a money demand function in Cambodia. The findings obtained through the ARDL approach to cointegration indicate that real income, consumer price index, and interest rate are cointegrated with real money demand. In terms of the estimated results derived from the long-run model, it is observed that real income has a statistically significant positive impact on real money demand, while the general price level and interest rate have a negative impact. The short-run dynamic model, known as the error correction model, demonstrates that all explanatory varia

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40

Mumba, Peter Nsokolo, and Emmanuel Ziramba. "An Analysis of the Money Demand Function for Zambia: A Gregory Hansen Cointegration Approach." Journal of Economics and Behavioral Studies 13, no. 1(J) (2021): 1–12. http://dx.doi.org/10.22610/jebs.v13i1(j).3050.

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The objective of this study was to analyze the money demand function for Zambia for the period 1978 – 2018 using annual time series data. The study employed the Gregory Hansen cointegration technique. The study also employed Hendry’s General to Specific technique to estimate the error correction model by obtaining a parsimonious model. The results of the Gregory Hansen test confirmed the presence of a cointegrating relationship and selected the GH-2 model as the most plausible model with a level shift and a trend. The results also endogenously determined 1994 as the break year in the money dem

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41

Rasasi, Moayad Al, Fares Rawah, and Bander Alghamdi. "On the nexus between Stock Market Fluctuations and the Demand for Money in Saudi Arabia." Business and Economic Research 10, no. 1 (2020): 142. http://dx.doi.org/10.5296/ber.v10i1.16231.

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This research paper estimates the augmented money demand function for Saudi Arabia while incorporating stock prices as one of the key determinants and utilizing quarterly data spanning over the period of 2010-2018. The estimated money demand function coincides with theoretical expectation regarding income and interest rate over long run. In Particular, the demand for money is statistically significant and positively related with income while it’s negatively related with interest rate. On stock prices, the findings suggest that they are statistically significant and have positive impact on mone

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42

Adil, Masudul Hasan, Neeraj Hatekar, Sana Fatima, Ibrahim Nurudeen, and Shan Mohammad. "Money Demand Function: A Not-So-Fond Farewell in the Light of Financial Development." Journal of Economic Integration 37, no. 1 (2022): 93–120. http://dx.doi.org/10.11130/jei.2022.37.1.93.

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This study investigates the stability issues of real money balances considering financial development. We estimate real narrow (M1) and broad (M3) money demand in India during the post-financial reform, from 1996:Q2 to 2016:Q3. To check the short- and long-run relationships, this study uses the autoregressive distributed lag model of cointegration and other various time series techniques. After incorporating financial development into money demand, we determined short- and long-run relationships and a well-defined open-economy stable money demand specification (M1 and M3) in India. Having esta

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43

Yantini, Devi. "STRUCTURAL BREAKS DAN KETIDAKSTABILAN PERMINTAAN UANG DI INDONESIA." Jurnal Ekonomi, Akutansi dan Manajemen Nusantara 1, no. 1 (2022): 47–60. http://dx.doi.org/10.55338/jeama.v1i1.18.

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This research aims to identify the sources of instability of the money demand function (M1 and M2) due to structural changes that occur as a result of economic shocks. These shocks are technically shown by the presence of structural breaks in the data and can lead the parameters non-constancy. The instability of the money demand function was analyzed using the Gregory and Hansen test. The source of instability of the money demand was identified using time varying parameter model. This research used quarterly time series data from 1993Q1 to 2013Q4. The results show that the money demand functio

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44

Al-Shami, Salam, and Quahtan Al-Rubeiey. "Determinants of Money Supply in Light of Price Changes in Iraqi Economy: (1990 â€“ 2014)." Journal of Global Economy 13, no. 2 (2017): 83–103. http://dx.doi.org/10.1956/jge.v13i2.458.

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This research addresses the main factors that determine Iraqi money demand for the period of 1990- 2014, in light of continuous price changes as an appropriate approach to find effective monetary policy. The research problem was crystalized in the following questions can we estimate the function of money demand in the Iraqi economy with accordance of economic theories?. An assumption stating that price changes are among the most important factors determining money demand function in Iraqi economy was adopted. It was found, using descriptive analysis of data available on economic variables that

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45

Shazia Sana, Shahnawaz Malik, Muhammad Ramzan Sheikh, and Muhammad Hanif Akhtar. "Money Demand Balances and Exchange Rate in Pakistan: A Time Series Analysis." Journal of Business and Social Review in Emerging Economies 6, no. 4 (2020): 1389–99. http://dx.doi.org/10.26710/jbsee.v6i4.1449.

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This paper investigates the impact of exchange rate on the money demand balances in Pakistan by applying linear and non-linear ARDL approach. The purpose of study is not only examining the impact of exchange rate and demand for money but also to analyze that whether demand for money in Pakistan is stable or not. For the estimation of money demand function yearly data are used from the 1972 to 2019. The findings of linear ARDL suggest that exchange rate and demand for money balances are positively related. Moreover, Non-linear ARDL exhibit that positive and negative shocks in exchange rate have

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46

Ghumro, Niaz Hussain, and Mohd Zaini Abd Karim. "Money Demand, Exchange Rate, and Remittances in Pakistan: A Vector Autoregressive Analysis." Economic Journal of Nepal 37, no. 1-2 (2014): 1–11. https://doi.org/10.3126/ejon.v37i1-2.75139.

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This paper analyzed the relationship between money demand, exchange rate, and remittances incase of Pakistan using annual time series data for theperiod 1972- 2014. The Vector autoregressive methodology has beenemployed to study relationship by analyzing the Granger Causality, Impulse Response Function, and the Variance Decomposition. The results reveal that there is unidirectional causality from remittances to money demand and exchange rate. Based on the impulse response function, a positive shockresults in remittances increase in money demand. It shows that advent of remittances increase inc

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47

Ahmed, Ather Maqsood, and Mohammad Rafiq. "Monetary Anticipations and the Demand for Money: An Application for the South Asian Region." Pakistan Development Review 26, no. 4 (1987): 529–39. http://dx.doi.org/10.30541/v26i4pp.529-539.

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While there are a number of issues in economics which are frequently scrutinized, the most important of them probably is the determination of a stable money demand function. Other issues in this regard relate to the choice between (i) broad vs. narrow definition of money; (ii) measured vs. permanent income; (iii) short-term vs. long-term interest rate; and (iv) inclusion of a variable for inflation or expected inflation. Quite recently, a new dimension has been added to the demand for money function. It is now argued that unanticipatory changes in the nominal money supply also affect the real

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48

Milani, Hamid. "Exchange Rate Flexibility And Monetary Policy." Journal of Applied Business Research (JABR) 14, no. 2 (2011): 69. http://dx.doi.org/10.19030/jabr.v14i2.5715.

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Abstract:

<span>It has been argued that floating rates protect economies from monetary shocks originated abroad and provide great autonomy and independence. Those who have tried to use the money demand function to explain insulating properties have excluded exchange rate flexibility variable in their models. This paper estimates a money demand function that includes exchange rate flexibility as another determinant of the demand for money for the major industrialized countries.</span>

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49

Bischoff, Charles W., and Halefom Belay. "The Problem of Identification of the Money Demand Function." Journal of Money, Credit and Banking 33, no. 2 (2001): 205. http://dx.doi.org/10.2307/2673881.

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50

Damane, Moeti, Lira P. Sekantsi, and Senei Solomon Molapo. "Testing the stability of money demand function in Lesotho." International Journal of Sustainable Economy 10, no. 4 (2018): 383. http://dx.doi.org/10.1504/ijse.2018.095274.

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