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    Asymmetric Effects of Economic Policy Uncertainty on the Demand for Money in India

    Access Status
    Fulltext not available
    Authors
    Murad, Woahid
    Salim, Ruhul
    Kibria, Golam
    Date
    2021
    Type
    Journal Article
    
    Metadata
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    Citation
    Murad, W. and Salim, R. and Kibria, G. 2021. Asymmetric Effects of Economic Policy Uncertainty on the Demand for Money in India. Journal of Quantitative Economics.
    Source Title
    Journal of Quantitative Economics
    DOI
    10.1007/s40953-021-00235-1
    ISSN
    0971-1554
    Faculty
    Faculty of Business and Law
    School
    School of Accounting, Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/85285
    Collection
    • Curtin Research Publications
    Abstract

    This study aims to extend the conventional money demand function by including the economic policy uncertainty (EPU) index in the Indian money demand function. The rest of the determinants are income, interest rate, infation rate, and exchange rate. Both symmetric and asymmetric efects of uncertainty are estimated covering the period 2003M1–2018M4. The linear ARDL bounds testing approach shows that uncertainty has a signifcant efect on narrow money in the short run. At the same time, the asymmetric nonlinear framework supports the short-run asymmetric efect of uncertainty on both narrow and broad money. More precisely, the policy uncertainty is a short-run phenomenon for the Indian money demand function. However, both linear and nonlinear models yield a stable demand for money in India regardless of narrow money or broad money. Hence, the monetary policy can be initiated to tune the Indian economy.

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