Volume 4, Issue 13 (12-2013)                   jemr 2013, 4(13): 91-118 | Back to browse issues page

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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
Abstract:   (5897 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.
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Type of Study: توسعه ای | Subject: پولی و مالی
Received: 2012/10/18 | Accepted: 2013/05/6 | Published: 2014/01/6

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