Income Velocity in Turbulent Times: The Role of Institutional Factors in the New Zealand Experience

Siklos, Pierre L.; Eckhold, Kelly

doi:10.1016/s0164-0704(97)00003-7

Cited by 2 publications

(4 citation statements)

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“…Consistent with the results obtained by Razzak (2001), Siklos and Eckhold (1997) and Siklos (1995a and1995b), it can be concluded that the quantity theory is not applicable in the context of NZ.…”

Section: Empirical Results and Policy Implicationssupporting

confidence: 80%

“…It is interesting to note that Siklos and Eckhold (1997) in their quest for modeling income velocity in NZ also find a similar fast adjustment process (i.e. 33%).…”

Section: Empirical Results and Policy Implicationsmentioning

confidence: 82%

“…There are also two important studies by Orden and Fisher (1993) and Siklos (1997) that highlight the significant role and impact of financial innovations in the context of NZ. More specifically, Orden and Fisher (1993) investigate the dynamic impacts of financial deregulation in the 1980s on money, prices and output for NZ and Australia employing a VAR methodology.…”

Section: Introductionmentioning

confidence: 99%

“…They use a standard Choleski-type of contemporaneous identifying restrictions imposed on the error correction model to obtain various impulse functions. On the other hand, Siklos and Eckhold (1997) specified two models capturing the behaviour of M3 velocity: a conventional velocity model and an extended velocity model. In the latter model they include a number of proxies for institutional change.…”

Section: Introductionmentioning

confidence: 99%

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Long‐ and short‐run determinants of the demand for money in New Zealand: A cointegration analysis

Valadkhani

2002

New Zealand Economic Papers

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The existence of a stable demand for money is very important for the conduct of monetary policy even in this new era of inflation targeting. It is argued that previous work on the demand for money in New Zealand has been either not very satisfactory in a number of ways or outdated. This paper examines the long-run determinants of the demand for M3 employing the Johansen cointegration technique and quarterly data for the period 1988:1-2002:2. This paper finds, inter alia, that the demand for money is cointegrated with real income, the spread between interest on money and on non-money assets, the expected rate of inflation, and the real effective (trade weighted index) exchange rate. JEL classification numbers: E41, E52, and C32.

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Section: Empirical Results and Policy Implicationssupporting

confidence: 80%

“…It is interesting to note that Siklos and Eckhold (1997) in their quest for modeling income velocity in NZ also find a similar fast adjustment process (i.e. 33%).…”

Section: Empirical Results and Policy Implicationsmentioning

confidence: 82%