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Author/Editor:
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Oomes, Nienke ; Ohnsorge, Franziska
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Publication Date:
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July 01, 2005
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Electronic Access:
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Free Full text
(PDF file size is 377KB).
Use the free
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to view this PDF file
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
Money demand in dollarized economies often appears to be highly unstable, making it difficult to forecast and control inflation. In this paper, we show that a stable money demand function for Russia can be found for "effective broad money," which includes an estimate of foreign cash holdings. Moreover, we find that an excess supply of effective broad money is inflationary, while other excess money measures are not, and that effective broad money growth has the strongest and most persistent effect on short-run inflation.
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Series:
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Working Paper No. 05/144
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Subject(s):
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Demand for money | Russian Federation | Inflation | Dollarization | Currency substitution
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Author's Keyword(s):
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Money demand | inflation | dollarization | currency substitution | Russia |
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English
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Publication Date:
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July 01, 2005
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ISBN/ISSN:
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1934-7073
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Format:
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Paper
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Stock No:
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WPIEA2005144
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Pages:
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30
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Price:
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US$15.00 )
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Please address any questions about this title to
publications@imf.org
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