Buffer-Stock-Komponenten in der Geldnachfrage von Deutschlands M3?

Martin T. Bohl

Swiss Journal of Economics and Statistics (SJES), 1999, vol. 135, issue IV, 577-589

Abstract: In this paper threshold autoregressive and momentum threshold autoregressive cointegration models are used to investigate buffer stock behavior of German M3 money demand during the period from 1975:1 to 1997:4. These cointegration techniques allow to model deviations of actual money demand from the long-run equilibrium relationship to persist over several periods and to show asymmetric adjustment behavior. Hence, TAR and MTAR techniques are designed to capture the money demand behavior predicted by buffer-stock models. The empirical results confirm the existence of buffer-stock compoments in German M3 money demand function.

Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:ses:arsjes:1999-iv-3

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