Long and Short-Run Determinants of Money Demand in New Zealand: Evidence from Cointegration Analysis
作者： Abbas Valadkhani
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摘要: The existence of a stable demand for money is very important the conduct monetary policy even in this new era inflation targeting. It argued that previous work on New Zealand has been either not satisfactory number ways or outdated. This paper examines long-run determinants M3 employing Johansen cointegration technique and quarterly data period 1988:1-2002:2. finds, inter alia, cointegrated with real income, spread between interest non-money assets, expected rate inflation, effective (trade weighted index) exchange rate.
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