This study aims to extend the conventional money demand function by including the economic policy uncertainty (EPU) index in the Indian money demand function. The rest of the determinants are income, interest rate, inflation rate, and exchange rate. Both symmetric and asymmetric effects of uncertainty are estimated covering the period 2003M1–2018M4. The linear ARDL bounds testing approach shows that uncertainty has a significant effect on narrow money in the short run. At the same time, the asymmetric nonlinear framework supports the short-run asymmetric effect of uncertainty on both narrow and broad money. More precisely, the policy uncertainty is a short-run phenomenon for the Indian money demand function. However, both linear and nonlinear models yield a stable demand for money in India regardless of narrow money or broad money. Hence, the monetary policy can be initiated to tune the Indian economy.

这项研究旨在通过将经济政策不确定性（EPU）指数纳入印度的货币需求函数中来扩展常规货币需求函数。其余的决定因素是收入，利率，通货膨胀率和汇率。估计不确定性的对称和非对称影响涵盖了2003M1-2018M4期间。线性ARDL边界测试方法表明，短期内不确定性对窄幅货币产生重大影响。同时，非对称非线性框架支持不确定性对狭义货币和广义货币的短期非对称影响。更确切地说，政策不确定性是印度货币需求函数的一种短期现象。但是，无论是狭义货币还是广义货币，线性模型和非线性模型都可以在印度产生稳定的货币需求。因此，