Money in the Era of Inflation Targeting

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

“…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.…”

“…On the other hand, Razzak (2001) in his empirical analysis of money in NZ indicates that the correlation between money and real output is stronger than that of between money and inflation. He also asserts that there would be no inflationary pressures if the growth rate of money exceeds the growth rate of nominal GDP.…”

Australasian money demand stability: application of structural break tests

“…The income elasticities attained by Choi and Oxley (2004) and Valadkhani (2002) also seem unexpectedly high at around 1.7 and 1.5, respectively. An income elasticity estimate that is more in line with expectations was provided by Razzak (2001) who found the income elasticity of monetary base to be around unity over the 1988-1997 period while asserting that the correlation between money and real output is stronger than that between money and inflation.…”

The role of money in monetary policy design of modern central banks

“…Ovaj stepen analize daje najmanje informacija o dubljim uzrocima promena ukupne količine novca u opticaju. 12 Glavno svojstvo ove analize je da ona predstavlja jedan računovodstveni pristup, čiji je rezultat ex-post obračunavanje. Analiza u ovakvom obliku ne objašnjava efekte različitih faktora na kretanje novčane mase, kako onih koji su izraz odgovarajućih mera monetarne politike (kao što su operacije na otvorenom tržištu centralne banke ili promene obaveznih rezervi banaka), tako i autonomnih faktora (kao što su devizne transakcije bankarskog sektora sa inostranstvom, odnosno, promene u neto inostranoj pomoći, itd).…”