(Research Department, Central Bank of Nigeria, 2006-03) Abdullahi, Abdurrahman
The paper, therefore, tried to study the stability of money demand using different estimation procedures under a financially liberalized economy (South Africa). This was done by developing a fixed-coefficient error-correction model for broad money demand function for the period 1971 to 2000, after which quarterly forecasts were generated for 2001 and 2002, using a varying-parameter regression model.