文章基本信息

标题：On the (Ir)Relevance of Monetary Aggregate Targeting in Pakistan: An Eclectic View
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作者：Adnan Haider ; Asad Jan ; Kalim Hyder 等
期刊名称：The Lahore Journal of Economics
印刷版ISSN：1811-5438
电子版ISSN：1811-5446
出版年度：2013
卷号：18
期号：2
页码：65-119
出版社：Lahore School of Economics
摘要：This study attempts to identify a stable money demand function for Pakistan’s economy, where the monetary aggregate is considered the nominal anchor. With evolving financial innovations and regulations, the stability of money demand has been the focus of numerous debates. Where earlier studies have provided conflicting explanations due to inadequate specifications and imprecise estimations, we find that money demand in Pakistan is stable, if specified properly. For developing countries such as Pakistan, it is important to target monetary aggregates or respond to deviations from the desirable path if monetary policy is to be effectively implemented and communicated; this should remain, if not a primary, then an auxiliary target in the monetary policy framework.
关键词：money demand; stability; monetarism