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Publication Type
Book Chapter
UWI Author(s)
Author, Analytic
Ghartey, Edward, E
Author Affiliation, Ana.
Department of Economics
Title, Analytic
Empirical evidence of structural invariance of money demand in Barbados
Medium Designator
n/a
Connective Phrase
n/a
Author, Monographic
Ortiz, Edgar; Cabello, Alejandro
Author Role
Editors
Title, Monographic
International symposium: Financial liberalization and financial innovations and risks at emerging markets
Reprint Status
Refereed
Edition
n/a
Place of Publication
Mexico
Publisher Name
Universidad Nacional Autonoma de Mexico
Date of Publication
1999
Volume ID
2
Issue ID
n/a
Page(s)
443-53
Series Editor
n/a
Series Editor Role
n/a
Series Title
n/a
Series Volume Identification
n/a
Series Issue Identification
n/a
Connective Phrase
n/a
Location/URL
n/a
Notes
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Abstract
The class of conditional ECMs of money demand is well estimated for Barbados using the Newey and West's (1987) DLS. Wu-Hausman, Engle and Granger (1989) tests show price and real income to be weak-form exogeneity in the conditional ECM of money demand, although only the exogeneity of real income has power. Money is indeed endogenous in this class of ECM model for Barbados. The conditional ECM of money demand has structurally invariant parameters with real income and prices being super-exogenous, although only income has power and the class of conditional ECM of money demand obtained can be relied upon for monetary policy and forecasting.....
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Keywords