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MONETARY UNCERTAINTY AND DEMAND FOR MONEY IN KOREA

Author:
Mohsen Bahmani-Oskooee   Sahar Bahmani  


Issue Date:
2014


Abstract(summary):

Friedman's volatility hypothesis asserts that increased volatility of money supply can lower the velocity of money or increase the demand for money. Previous studies have tested this hypothesis by using data from a few industrialized countries. In this paper, we estimate the demand for money in Korea after including a measure of volatility of nominal money supply. We provide support for Friedman's hypothesis in the short run as well as in the long run.


Page:
8


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