On the interrelationships among real, monetary, and financial variables

A. F. Darrat and R. N. Dickens

Applied Financial Economics, 1999, vol. 9, issue 3, 289-293

Abstract: Results from multivariate cointegration and error-correction models consistently reject the dichotomy conclusion of a recent paper in this Journal and reveal instead strong evidence of pronounced linkages among real, monetary, and financial sectors of the US economy. The results further indicate that the stock market is a key leading indicator of both monetary policy and real economic activity.

Date: 1999
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DOI: 10.1080/096031099332366

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