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首页> 外文期刊>South East European Journal of Economics and Business >Money-in-the-Utility-Function: Model Simulations and Money Demand Estimation in the Case of the Republic of Macedonia
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Money-in-the-Utility-Function: Model Simulations and Money Demand Estimation in the Case of the Republic of Macedonia

机译：实用工具中的货币：在马其顿共和国的情况下的模型模拟和货币需求估计

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摘要

This paper aims to reassess and analyze the dynamic interactions between money, prices and economic activity in the case of the Republic of Macedonia. The first part of the paper simulates the property of the superneutrality of money, based on Sidrauski’s (1967) framework. The second part presents the money demand estimations on the monetary aggregate M2 for the period from 2002 to 2012, using the cointegration approach. Following Cziráky and Gillman (2006), we examine the validity of the Fisher equation in the case of Macedonia. The Fisher equation does not hold in the case of Macedonia, so the inflation rate must be included in the money demand specification. The estimated cointegration equation is in line with economic theory. The cointegration equation shows income elasticity less than unity (0,81), small and negative interest rate semi-elasticity (-0.17) and negative elasticity with respect to inflation. The short-run dynamics reveal that only 2,70% of the disequilibrium is corrected in a single quarter. The properties of stability imply that the M2 aggregate may serve as a proper policy indicator.
机译：本文旨在重新评估和分析马其顿共和国的货币，价格和经济活动之间的动态互动。本文的第一部分基于Sidrauski（1967）的框架模拟了货币超中性的属性。第二部分使用协整方法介绍了2002年至2012年期间货币总量M2的货币需求估算。继Cziráky和Gillman（2006）之后，我们检验了马其顿情况下Fisher方程的有效性。对于马其顿而言，费舍尔方程不成立，因此通货膨胀率必须包括在货币需求规格中。估计的协整方程符合经济理论。协整方程显示了收入弹性小于一（0,81），小而负的利率半弹性（-0.17）和相对于通货膨胀的负弹性。短期动态显示，单个季度仅纠正了2.70％的不平衡。稳定性的性质意味着M2总量可以用作适当的政策指标。

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