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Publication Type
Journal Article
UWI Author(s)
Author, Analytic
Ghartey, Edward, E
Author Affiliation, Ana.
Department of Economics
Article Title
Monetary dynamics in Ghana: Evidence from cointegration, error correction modelling and exogeneity
Medium Designator
n/a
Connective Phrase
n/a
Journal Title
Journal of development economics
Translated Title
n/a
Reprint Status
Refereed
Date of Publication
1998
Volume ID
57
Issue ID
2
Page(s)
473-86
Language
n/a
Connective Phrase
n/a
Location/URL
n/a
ISSN
n/a
Notes
n/a
Abstract
There exists cointegration among nominal money stock, price, real income, exchange rate, and exchange risk over the period 1970.4 to 1992.4. The error correction factor between the long-run and short-run dynamics is about 6 percent, which is slow. The price homogeneity postulate and long-run income elasticity obtain in the country. The estimated money-demand function and parameters are stable, significant, and compare favourably with other studies for other countries. Price and income are both weakly and super exogenous. Finally, M1 remains the most suitable definition of money for effecting monetary policy changes in the country.....
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