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This empirical study investigates the stability of the money demand function in Turkey from 1989:Q1 to 2011:Q2 by employing bounds test and also rolling bounds test approaches. Unlike the previous studies, we also add the stock prices to the money demand function to overcome the excluded variables problem. The results we obtained show that the money demand function is instable in the analysis period, thus the central bank should not use the M2 broad money supply as a monetary policy instrument
this empirical study examines the stability of the money demand function in turkey from 1989q1 to 2011q2 by spenting bunds test and also rolling bunds test force unlike the previus studies we also add the stock prices to the money demand function to aggressive the problems the results we have received show that the money demand function is instable in the analysis period resemble the central bank shuld note use the m2 broad money supply as a hunger instrument policy
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