HALICIOGLU, Ferda; UGUR, Mehmet - EconWPA - 2005
This paper empirically analyses the stability of the narrow money demand function (M1) in Turkey for the period 1950 …-2002. As part of the IMF-sponsored stabilisation programme, Turkey has been pursuing base money targets. To ascertain whether … this policy framework satisfies the necessary condition for effectiveness, we estimate and test for the stability of …