Money demand, the Cagan model, testing rational expectations vs adaptive expectations: the case of Turkey
Files
Date
1995
Authors
Editor(s)
Advisor
Metin, Kıvılcım
Supervisor
Co-Advisor
Co-Supervisor
Instructor
BUIR Usage Stats
4
views
views
23
downloads
downloads
Series
Abstract
This thesis considers the demand for money under conditions of high inflation in Turkey during the period 1986; 1-1995:3. We test whether the monetary and inflationary experiences of Turkey can be adequately characterized by the Cagan (1956) model, using an econometric procedure which is reliant only on the assumption that forecasting errors are stationary. We also examine the hypothesis that monetary policy was conducted in such a way as to maximize the inflation tax revenue. Finally we test the Cagan model with the additional assumption of rational expectations for Turkey for the considered period.
Source Title
Publisher
Course
Other identifiers
Book Title
Degree Discipline
Economics
Degree Level
Master's
Degree Name
MA (Master of Arts)
Citation
Permalink
Published Version (Please cite this version)
Language
English