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dc.contributor.authorKhan, Muhammad Arshaden
dc.date.accessioned2010-06-17-
dc.date.accessioned2010-12-16T15:55:24Z-
dc.date.available2010-12-16T15:55:24Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/43423-
dc.description.abstractThis paper tests the constancy and stationarity of mechanic version of the money multiplier model for Pakistan using monthly data over the period 1972M1-2009M2. We split the data into pre-liberalization (1972M1-1990M12) and post-liberalization (1991M1-2009M2) periods to examine the impact of financial sector reforms. We first examine the constancy and stationarity of the money multiplier and the results suggest the money multiplier remains non-stationary for the entire sample period and sub-periods. We then tested cointegration between money supply and monetary base and find the evidence of cointegration between two variables for the entire period and two sub-periods. The coefficient restrictions are satisfied only for the post-liberalization period. Two-way long-run causality between money supply and monetary base is found for the entire period and post-liberalization. For the post-liberalization period the evidence of short-run causality running from monetary base to money supply is also identified. On the whole, the results suggest that money multiplier model can serve as framework for conducting short-run monetary policy in Pakistan. However, the monetary authority may consider the co-movements between money supply and reserve money at the time of conducting monetary policy.en
dc.language.isoengen
dc.publisher|aColegio de Economistas de A Coruña |cA Coruñaen
dc.relation.ispartofseries|aEconomic Analysis Working Papers |x2010,2en
dc.subject.jelE51en
dc.subject.jelE52en
dc.subject.jelE58en
dc.subject.ddc330en
dc.subject.keywordMoney Multiplieren
dc.subject.keywordReserve Moneyen
dc.subject.keywordMonetary Policyen
dc.subject.stwGeldschöpfungen
dc.subject.stwPakistanen
dc.titleTesting of money multiplier model for Pakistan: Does monetary base carry any information?-
dc.type|aWorking Paperen
dc.identifier.ppn629463646en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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