The aim of this paper is to compare the conventional monetary model of the exchange
rate with an alternative model, which incorporates a stock price measure and is based on
Friedman‟s money demand function. These models are then compared using data from
the UK, Canada and the USA, applying the Autoregressive Distributed Lag (ARDL)
Bounds testing approach and the Phillips-Hansen approaches to cointegration. Although
the results from the conventional monetary model are poor, the version which includes
stock prices produces evidence of a long-run relationship, which has more appropriate
long-run coefficients than the conventional model
Konular | İşletme |
---|---|
Diğer ID | JA98CM88DU |
Bölüm | Makaleler |
Yazarlar | |
Yayımlanma Tarihi | 1 Eylül 2009 |
Gönderilme Tarihi | 1 Eylül 2009 |
Yayımlandığı Sayı | Yıl 2009 Cilt: 1 Sayı: 2 |