Testing the money demand function and income or the lucas critique: The case of Turkey
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CitationAltunöz, U. (2014). Testing the money demand function and income or the lucas critique: The case of Turkey. Ekonomik, Toplumsal ve Siyasi Analiz Dergisi. s. 73-84.
Lucas Critique which was explained by Robert Lucas claims that policy evaluation process that fail to recognize the optimal decision rules of economic agents vary systematically with changeable policies. So that invariant estimated statistical relationships from past data to forecast the effects of adopting a new policy, because the estimated regression coefficients aren’t stable but will change along with agents’ decision rules in response to a new policy. In this study, the validity of Lucas critiques for Turkish economy is tested using seasonal error correction model and weak exogeneity tests.
SourceEkonomik, Toplumsal ve Siyasi Analiz Dergisi
- Makale Koleksiyonu 
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