Empirical Modelling of Money Demand in Periods of Structural Change: The Case of Greece*
使用向量误差修正和随机系数两种方法，估计希腊1976-2000年货币需求，发现金融自由化使货币需求对利率更敏感，技术进步降低收入弹性。
Abstract This paper examines the behaviour of the demand for money in Greece during 1976Q1 to 2000Q4, a period that witnessed many of the influences that cause money‐demand instability. Two empirical methodologies, vector error correction (VEC) modelling and second‐generation random coefficient (RC) modelling, are used to estimate the demand for money. The coefficients of both the VEC and RC procedures support the hypothesis that the demand for money becomes more responsive to both the own rate of return on money balances and the opportunity cost of holding money because of financial deregulation. In general, both procedures also support the hypothesis that the income elasticity of money demand declines over time as a result of technological improvements in the payments system and the development of money substitutes, which lead to economies of scale in holding money.