Levent, Korap (2009): The search for cointegration between money, prices and income: low frequency evidence from the Turkish economy. Published in: panoeconomicus , Vol. LVI, No. 1 (2009): pp. 5572.

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Abstract
In this paper, we aim to test the empirical validity of the QTM relationship for the Turkish economy. Using some contemporaneous time series estimation techniques, our estimation results reveal that stationarity characteristics of the velocities of currency in circulation and the broad money aggregate in the economy cannot be rejected through a quantity theoretical cointegrating longterm variable space. We find that there exists an about onetoone proportionality between money and prices and money and real income, and that the exogeneity of money cannot be rejected for the currency in circulation in the economy. But, the exception here comes from the broad monetary aggregate used in the QTM equation such that money seems to be endogenous as for the longterm variable space.
Item Type:  MPRA Paper 

Original Title:  The search for cointegration between money, prices and income: low frequency evidence from the Turkish economy 
English Title:  The search for cointegration between money, prices and income: low frequency evidence from the Turkish economy 
Language:  English 
Keywords:  Money ; Prices ; Income ; Quantity Theory of Money ; Cointegration ; Longspan Data ; Turkish Data ; 
Subjects:  C  Mathematical and Quantitative Methods > C3  Multiple or Simultaneous Equation Models ; Multiple Variables > C32  TimeSeries Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes ; State Space Models E  Macroeconomics and Monetary Economics > E5  Monetary Policy, Central Banking, and the Supply of Money and Credit > E51  Money Supply ; Credit ; Money Multipliers E  Macroeconomics and Monetary Economics > E5  Monetary Policy, Central Banking, and the Supply of Money and Credit > E52  Monetary Policy E  Macroeconomics and Monetary Economics > E6  Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook > E61  Policy Objectives ; Policy Designs and Consistency ; Policy Coordination 
Item ID:  19557 
Depositing User:  Levent Korap 
Date Deposited:  25. Dec 2009 08:42 
Last Modified:  12. Mar 2015 07:18 
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URI:  https://mpra.ub.unimuenchen.de/id/eprint/19557 