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Title:A stable demand for money despite financial crisis: The case of Venezuela PDF Logo
Authors:Bjørnland, Hilde C.
Issue Date:2003
Series/Report no.:Memorandum, Department of Economics, University of Oslo 2003,12
Abstract:This paper investigates the demand for broad money in Venezuela, over a period of financial crisis and substantial exchange rate fluctuations. The analysis shows that there exist a long run relationship between real money, real income, inflation, the exchange rate and the domestic interest rate, that remains stable over major policy changes and large shocks. The long run properties emphasize that both inflation and exchange rate depreciations have negative effects on real money demand. The long run relationship is embedded in a dynamic equilibrium correction model with constant parameters.
Subjects:Money demand
open economy
dynamic specifications
equilibrium correction models
Document Type:Working Paper
Appears in Collections:Memorandum, Department of Economics, University of Oslo

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