Two recent studies have found markedly different measures of the welfare cost of inflation in South Africa, obtained … through the estimation of long-run money demand relationships using cointegration and long-horizon approaches. Realizing that …-horizon method is more robust to alternative methods of time aggregation, and, given this the welfare cost of inflation in South …

This paper performs a multivariate cointegration analysis of UK money demand 1873–2001, and illustrates how a long … between excess money and inflation. After accounting for the turbulent periods, the equilibrium structure is reasonably stable …

This paper performs a system cointegration analysis of UK money demand based on real money, real income, the … opportunity cost of holding money, and inflation for the period 1873 - 2001. As a novelty we account for the effect of the world … link from excess money to inflation. The long-run structures are reasonably stable, although the information in the data is …

stability of the euro area money demand function. We also compare single equation methods like the ARDL approach, FMOLS, CCR and …

demand is derived which can be interpreted economically. For the conditional model, long-and short-run parameter stability is …

shift in the first half of this decade. We show that the current financial crisis has no impact on the stability of our …

stability of the euro area money demand function. We also compare single equation methods like the ARDL approach, FM-OLS, CCR …

stability of the euro area money demand function. We also compare single equation methods like the ARDL approach, FM-OLS, CCR …

stability of the euro area money demand function. We also compare single equation methods like the ARDL approach, FM-OLS, CCR …

, inflation, the exchange rate and the domestic interest rate, that remains stable over major policy changes and large shocks. The … long run properties emphasize that both inflation and exchange rate depreciations have negative effects on real money …