June 1, 2014 Thesis Open Access

GASHAW DESALEGN

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    <subfield code="a">CAN THE MONTARY AUTORITY CONTROLE THE STOCK OF MONEY SUPPLY IN ETHIOPIA: AN EMPERICAL INVESTIGATION</subfield>
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    <subfield code="a">&lt;p&gt;The aim of this paper is to investigate empirically the ability of Nation Bank of Ethiopia to&lt;br&gt;
control the stock of money supply. This investigation seems to conform to the ongoing&lt;br&gt;
controversy surrounding the exogeneity /endogeneity hypothesis regarding the money supply i.e.&lt;br&gt;
the controllability/non-controllability of the money supply by the Central Bank. The paper has first&lt;br&gt;
tested the money multiplier model which says money is exogenous and thus controllable by central&lt;br&gt;
banks. We examine the constancy and Stationarity of the money multiplier and the results&lt;br&gt;
suggest that the money multiplier remains non stationary for the entire sample period. We then&lt;br&gt;
tested cointegration between money supply and monetary base and find the evidence of&lt;br&gt;
cointegration between two variables. The coefficient restrictions are satisfied only partially. The&lt;br&gt;
result from this model shows it will be difficult to use the money multiplier model as a frame&lt;br&gt;
work for monetary policy&lt;/p&gt;</subfield>
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