WHAT OPPORTUNITY COST OF HOLDING REAL BALANCES - THE CASE OF GREECE 1978-1993

Authors
APERGIS N
Citation
N. Apergis, WHAT OPPORTUNITY COST OF HOLDING REAL BALANCES - THE CASE OF GREECE 1978-1993, Applied economics letters, 3(7), 1996, pp. 483-485
Citations number
15
Categorie Soggetti
Economics
Journal title
Applied economics letters → ACNP
ISSN journal
13504851
Volume
3
Issue
7
Year of publication
1996
Pages
483 - 485
Database
ISI
SICI code
1350-4851(1996)3:7<483:WOCOHR>2.0.ZU;2-8
Abstract
In this paper cointegration techniques have been applied to identify t he role of opportunity cost in the demand for real balances in the Gre ek case and covering the period 1978-93. The results reveal that it is the simultaneous presence of nominal interest rates, the expected inf lation and the expected depreciation variables that must be used as pr oxies for the opportunity cost.