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Inflationary Expectations and the Demand for Money: „The Greek Experience“ A Comment and Some Different Results

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  4. Vol. 16, Issue 2
  5. pp. 253–264

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Himarios, D. Inflationary Expectations and the Demand for Money: „The Greek Experience“ A Comment and Some Different Results. Credit and Capital Markets – Kredit und Kapital, 16(2), 253-264. https://doi.org/10.3790/ccm.16.2.253
Himarios, Daniel "Inflationary Expectations and the Demand for Money: „The Greek Experience“ A Comment and Some Different Results" Credit and Capital Markets – Kredit und Kapital 16.2, 1983, 253-264. https://doi.org/10.3790/ccm.16.2.253
Himarios, Daniel (1983): Inflationary Expectations and the Demand for Money: „The Greek Experience“ A Comment and Some Different Results, in: Credit and Capital Markets – Kredit und Kapital, vol. 16, iss. 2, 253-264, [online] https://doi.org/10.3790/ccm.16.2.253
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Inflationary Expectations and the Demand for Money: „The Greek Experience“ A Comment and Some Different Results

Himarios, Daniel

Credit and Capital Markets – Kredit und Kapital, Vol. 16 (1983), Iss. 2 : pp. 253–264

3 Citations (CrossRef)

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/ccm.16.2.253
Language
Multiple languages
Pages
12

Himarios, Daniel

Cited By

  1. Inflationary Finance and the Demand for Money in Greece

    Tavlas, George S.

    Credit and Capital Markets – Kredit und Kapital, Vol. 20 (1987), Iss. 2 P.245

    https://doi.org/10.3790/ccm.20.2.245 [Citations: 0]

  2. “Has There Been a Shift in the Greek Money Demand Function?”

    Himarios, Daniel

    Credit and Capital Markets – Kredit und Kapital, Vol. 20 (1987), Iss. 1 P.106

    https://doi.org/10.3790/ccm.20.1.106 [Citations: 1]

  3. “Inflationary Expectations and the Demand for Money: The Greek Experience”

    Smith, Gregor W.

    Credit and Capital Markets – Kredit und Kapital, Vol. 18 (1985), Iss. 4 P.527

    https://doi.org/10.3790/ccm.18.4.527 [Citations: 0]

References

  1. Anscombe, F. J. and J. W. Tukey: “The Examination and Analysis of Residuals”. Technometrics, Vol. 5, No. 2 (May 1963).  Google Scholar
  2. Brissimis, L. N. and J. A. Leventakis: “Inflationary Expectations and the Demand for Money: The Greek Experience”. Kredit und Kapital, 4/1981.  Google Scholar
  3. Chow, G.: “On the Long-run and Short-run Demand for Money”. Journal of Political Economy, Vol. 74, No. 2 (April 1966).  Google Scholar
  4. Griliches, Z.: “Distributed Lags: A Survey”. Econometrica, Vol. 35 (1967).  Google Scholar
  5. Himarios, D.: “Properties and Stability of the Demand for Money in Developing Economies with a Particular Application to Greece”. Working Paper E-81-12-01, Economics Department, VPI& SU (1982).  Google Scholar
  6. Jacobs, R.J.: “Estimating the Long-run Demand for Money from Time-Series Data”. Journal of Political Economy, Vol. 82, No. 6 (Nov/Dec 1974).  Google Scholar
  7. McCallum, B. T.: “Rational Expectations and the Estimation of Econometric Models: An Alternative Procedure”. International Economic Review, Vol. 17, No.2 (June 1976).  Google Scholar
  8. Papadakis, J.: Money and Economic Activity: The Greek Experience 1950 - 1975(Institute of Economic and Industrial Research), Athens, 1979 (in Greek).  Google Scholar
  9. Zolatas, X.: Monetary Equilibrium and Economic Development. (Princeton University Press, Princeton, NJ), 1965.  Google Scholar
  10. Anscombe, F. J. and J. W. Tukey: “The Examination and Analysis of Residuals”. Technometrics, Vol. 5, No. 2 (May 1963).  Google Scholar
  11. Brissimis, L. N. and J. A. Leventakis: “Inflationary Expectations and the Demand for Money: The Greek Experience”. Kredit und Kapital, 4/1981.  Google Scholar
  12. Chow, G.: “On the Long-run and Short-run Demand for Money”. Journal of Political Economy, Vol. 74, No. 2 (April 1966).  Google Scholar
  13. Griliches, Z.: “Distributed Lags: A Survey”. Econometrica, Vol. 35 (1967).  Google Scholar
  14. Himarios, D.: “Properties and Stability of the Demand for Money in Developing Economies with a Particular Application to Greece”. Working Paper E-81-12-01, Economics Department, VPI& SU (1982).  Google Scholar
  15. Jacobs, R.J.: “Estimating the Long-run Demand for Money from Time-Series Data”. Journal of Political Economy, Vol. 82, No. 6 (Nov/Dec 1974).  Google Scholar
  16. McCallum, B. T.: “Rational Expectations and the Estimation of Econometric Models: An Alternative Procedure”. International Economic Review, Vol. 17, No.2 (June 1976).  Google Scholar
  17. Papadakis, J.: Money and Economic Activity: The Greek Experience 1950 - 1975(Institute of Economic and Industrial Research), Athens, 1979 (in Greek).  Google Scholar
  18. Zolatas, X.: Monetary Equilibrium and Economic Development. (Princeton University Press, Princeton, NJ), 1965.  Google Scholar
  19. Anscombe, F. J. and J. W. Tukey: “The Examination and Analysis of Residuals”. Technometrics, Vol. 5, No. 2 (May 1963).  Google Scholar
  20. Brissimis, L. N. and J. A. Leventakis: “Inflationary Expectations and the Demand for Money: The Greek Experience”. Kredit und Kapital, 4/1981.  Google Scholar
  21. Chow, G.: “On the Long-run and Short-run Demand for Money”. Journal of Political Economy, Vol. 74, No. 2 (April 1966).  Google Scholar
  22. Griliches, Z.: “Distributed Lags: A Survey”. Econometrica, Vol. 35 (1967).  Google Scholar
  23. Himarios, D.: “Properties and Stability of the Demand for Money in Developing Economies with a Particular Application to Greece”. Working Paper E-81-12-01, Economics Department, VPI& SU (1982).  Google Scholar
  24. Jacobs, R.J.: “Estimating the Long-run Demand for Money from Time-Series Data”. Journal of Political Economy, Vol. 82, No. 6 (Nov/Dec 1974).  Google Scholar
  25. McCallum, B. T.: “Rational Expectations and the Estimation of Econometric Models: An Alternative Procedure”. International Economic Review, Vol. 17, No.2 (June 1976).  Google Scholar
  26. Papadakis, J.: Money and Economic Activity: The Greek Experience 1950 - 1975(Institute of Economic and Industrial Research), Athens, 1979 (in Greek).  Google Scholar
  27. Zolatas, X.: Monetary Equilibrium and Economic Development. (Princeton University Press, Princeton, NJ), 1965.  Google Scholar

Abstract

Inflationary Expectations and the Demand for Money: The Greek Experience A Comment and Some Different Results

This note addresses two points in the Brissimies and Leventakis (1981) paper. First, we argue that the authors have committed a serious theoretical error in, unknowingly, identifying rational expectations with perfect foresight. We show that, under their assumptions, their results are biased and inconsistent. Second, we reexamine their conclusion that “the market for M1 is segmented from the markets for either financial or real assets”. A careful examination of the data and a correctly specified money demand equation support the exactly opposite hypothesis with a high degree of confidence.

Table of Contents

Section Title Page Action Price
Daniel Himarios: Inflationary Expectations and the Demand\rfor Money: The Greek Experience 253
I. 253
II. 255
III. 261
Appendix 263
References 263
Zusammenfassung: Inflationäre Erwartungen und die Geldnachfrage:\rDie griechische Erfahrung — Ein Kommentar\rund einige abweichende Resultate 263
Summary: Inflationary Expectations and\rthe Demand for Money: The Greek Experience\rA Comment and Some Different Results 264
Résumé: Anticipations inflationnistes et demande monétaire:\rL'expérience grecque — Un commentaire et quelques résultats différents 264

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