M2 demand relation and effective exchange rate in Japan: a cointegration analysis

H. Yamada

Applied Economics Letters, 2000, vol. 7, issue 4, 229-232

Abstract: The paper examines whether M2 demand in Japan does not form a cointegrated system unless the effective exchange rate is included. We focus on testing statistical significance of the coefficient for the effective exchange rate in the long-run equilibrium M2 demand relation. Empirical results indicate that it is significant, which suggests that the effective exchange rate is necessary for Japanese M2 demand cointegration.

Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:taf:apeclt:v:7:y:2000:i:4:p:229-232

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DOI: 10.1080/135048500351564

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