Arize, A.C.; Malindretos, J.; Christoffersen, S. - In: Journal of Economic Studies 30 (2003) October, pp. 493-513
This paper examines the existence and stability of both the long- and short-run demand for narrow and broad money …). The study reveals the existence of a systematic long-run relationship among real money balances, real income, interest … rate and exchange rate. Results from testing the hypothesis of a unitary price elasticity confirm that only the broad money …