ფულზე მოთხოვნის მოდელირება

In the process of developing and implementing monetary policy, the existence of a stable
demand for money plays an important role. Consequently, from the last century to the present,
both in developed and developing countries, empirical research on the demand for money is
actively underway.
This paper consists of a theoretical and a practical part. The theoretical part of the paper
describes the main features of the theoretical concepts and empirical studies of demand for
money. In the practical part of the paper, the demand for money for Georgia is estimated by
two different specifications. At the same time, the demand for money is estimated separately for
M1, M2 and M3 cash aggregates, according to the quarterly data for 2010-2019. Two different
econometric methods were used for empirical analysis: the Johansen cointegration method and
the ARDL model approach. Also, the long-term and short-term dynamics of demand for real
money are astimated. According to the results of the study, there is a long-term and stable
connection between the demand for real money and the factors that determine it. Therefore,
we conclude that the money demand function can be used successfully to conduct monetary
policy in Georgia.