| Author: | Wolters, J. |
| Title: | Modeling the demand for M3 in the unified Germany |
| Journal: | Review of Economics and Statistics
1998 : AUG, VOL. 80:3, p. 399-409 |
| Index terms: | STATISTICS GERMANY DEMAND |
| Language: | eng |
| Abstract: | An error correction model for the demand for real M3 money is constructed for the period of 1976-1994 with real GNP deflator, as well as a short-term interest rate as explanatory variables. Quarterly, seasonally unadjusted data are used in estimating the model. It is found that there is a clear structural break due to the German unification in 1990. On the other hand, once this structural break is accounted for, a stable relation is found which resists a series of specification tests. |
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