Survey Forecasts and Money Demand Functions: Some International Evidence
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Survey Forecasts and Money Demand Functions: Some International Evidence
Pierdzioch, Christian | Rülke, Jan-Christoph | Stadtmann, Georg
Applied Economics Quarterly, Vol. 57 (2011), Iss. 1 : pp. 5–14
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Helmut-Schmidt-University, Department of Economics, Holstenhofweg 85, P.O.B. 700 822, 22008 Hamburg, Germany.
WHU—Otto Beisheim School of Management, Department of Economics, Burgplatz 2, 56179 Vallendar, Germany.
Europa-Universitaet Viadrina, Department of Economics, P.O.B. 1786, 15207 Frankfurt (Oder), Germany and University of Southern Denmark (Odense, Denmark).
Cited By
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Expectations and the quantity equation – evidence from Eastern European countries
Fendel, Ralf
Ruelke, Jan-Christoph
Applied Economics, Vol. 46 (2014), Iss. 3 P.329
https://doi.org/10.1080/00036846.2013.839862 [Citations: 0]
Abstract
We derive a money demand function from a dynamic macroeconomic general equilibrium model to analyze the correlations between professional economists' forecasts of the growth rate of money supply, the inflation rate, the growth rate of real output, and the nominal interest rate. Upon estimating the money demand function on survey data of professional economists' forecasts for fourteen Asian-Pacific and Central and South-Eastern European countries, we find that the correlations between professional economists' forecasts are broadly consistent with the money demand function implied by the macroeconomic model.
JEL Classification: E41, E47