money demand functions and use them as the main pretext for formulating monetary policy strategies in which monetary … conventional money demand models by accounting for the effects of macroeconomic uncertainty on money holdings. Our results suggest … that money balances, income and interest spread are not cointegrated when the VAR system is missing a measure of economic …

This paper uses the P-star model to explain inflation dynamics in Turkey. In P-star models, money plays an important … emerges when output is above the potential, interest rate is lower than the natural rate, or there exists some excess money in … relationship. We conclude that money is efficacious in predicting risk to price stability in Turkey …

requirements that countercyclically respond to expected credit growth, (iii) households face cash-in-advance constraints, requiring … them to hold real balances, and (iv) standard productivity and money growth shocks are two sources of aggregate uncertainty … accelerator mechanism triggered by adverse macroeconomic and financial shocks, (ii) in response to TFP and money growth shocks …