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Money demand and inflation in Yugoslavia 1980–1989
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Frenkel, Jacob A. and Taylor, Mark P. (1993) Money demand and inflation in Yugoslavia 1980–1989. Journal of Macroeconomics, 15 (3). pp. 455-481. doi:10.1016/0164-0704(93)90004-6
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Official URL: http://dx.doi.org/10.1016/0164-0704(93)90004-6
Abstract
After discussing the relevant historical and institutional background to Yugoslav monetary and inflationary experiences 1980–1989, Cagan's hyperinflation model is tested using an econometric technique which is unrestrictive with respect to assumptions concerning expectations formation. We also examine the hypothesis that the expected return to holding foreign assets was an important determinant of domestic money holding; test alternative hypotheses of expectations formation; and test a buffer-stock version of the Cagan model. The results support the Cagan model (especially but not exclusively when coupled with an adaptive-regressive expectations mechanism) as a description of the salient features of the data.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Divisions: | Faculty of Social Sciences > Warwick Business School | ||||
| Journal or Publication Title: | Journal of Macroeconomics | ||||
| Publisher: | Elsevier BV * North-Holland | ||||
| ISSN: | 0164-0704 | ||||
| Official Date: | 1993 | ||||
| Dates: |
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| Volume: | 15 | ||||
| Number: | 3 | ||||
| Page Range: | pp. 455-481 | ||||
| DOI: | 10.1016/0164-0704(93)90004-6 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access |
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