POPULATION DEVELOPMENT AND DEMAND FOR MONEY IN IRAN

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NOFERESTI MOHAMMAD

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Journal Paper

Paper Information

Journal: TREND (TREND OF ECONOMIC RESEARCH) Year:2011 | Volume:19 | Issue:58 Page(s): 15-32

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Information Journal Paper

Title

POPULATION DEVELOPMENT AND DEMAND FOR MONEY IN IRAN

Author(s)

NOFERESTI MOHAMMAD | Issue Writer Certificate

Keywords

THE BAUMOL-TOBIN MODEL OF DEMAND FOR MONEYQ2

AGE STRUCTURE OF THE POPULATIONQ2

CO-INTEGRATIONQ3

ERROR CORRECTION MODELQ3

Abstract

Regulating money supply commensurate with the volume of economic activities and determining the exogenous effect of money supply on macroeconomic indicators are obviously dependent on the predictability of demand for money. Non-recognition of variables affecting money demand and the amount of their effectiveness lead to the inability of economic policymakers to focus on target variables. Among variables affecting money demand in our society at present is the change in the AGE STRUCTURE OF THE POPULATION.This article joins Modigliani and Ando's Life Cycle Theory of Consumption with the Baumol- Tobin Model of Demand for Money to specify a function for money demand that shows the effect of change in the AGE STRUCTURE OF THE POPULATION on money demand.The coefficients of this function have been estimated using time series data of the years 1338-1386 (1959-2008) through the CO-INTEGRATION methodology. Results indicate that there is a long-term equilibrium relation between population variables and other variables of the money demand function.Error correction model which reflects the dynamic process of money demand proves the stability of money demand function. Based on our findings, the relative increase in the middle-aged population, who are the main revenue-makers of the society and do the major savings, raises money demand. However, the relative rise in the young and old populations lead to a reduction in money demand. Not considering the change in the AGE STRUCTURE OF THE POPULATION and its effect on money demand function causes a bias in the coefficients. The result will be the transfer of wrong information and signal to economic policymakers.

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APA: Copy

NOFERESTI, MOHAMMAD. (2011). POPULATION DEVELOPMENT AND DEMAND FOR MONEY IN IRAN. TREND (TREND OF ECONOMIC RESEARCH), 19(58), 15-32. SID. https://sid.ir/paper/202214/en

Vancouver: Copy

NOFERESTI MOHAMMAD. POPULATION DEVELOPMENT AND DEMAND FOR MONEY IN IRAN. TREND (TREND OF ECONOMIC RESEARCH)[Internet]. 2011;19(58):15-32. Available from: https://sid.ir/paper/202214/en

IEEE: Copy

MOHAMMAD NOFERESTI, “POPULATION DEVELOPMENT AND DEMAND FOR MONEY IN IRAN,” TREND (TREND OF ECONOMIC RESEARCH), vol. 19, no. 58, pp. 15–32, 2011, [Online]. Available: https://sid.ir/paper/202214/en

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