Our research focuses on the analysis of the relationship among Gross Domestic Product (GDP), cash in circulation, interest rate, price index and oil prices by applying modern econometric approaches. In this purpose, the stationarity, causality and cointegration relations of the appropriate (time) series were investigated, Vector Error Correction (VEC) model was developed, and the mutual variance decomposition of the model's variables were investigated. The analysis were carried out based on the quarterly statistics of [1] and [2] for 2010-2019 by implementing the EViews 11 SV Lite econometric package.

Keywords: GDP,  cash in circulation, interest rate, price index, oil price, time series, stationarity, cointegration rank, VEC model, impulse response, variance decomposition.