On the Relationship between Monetary Aggregates and Economic Activities in Japan: A Study Focusing on Long-Term Equilibrium Relationships

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Research and Statistics Department: Bank of Japan

No 1997-11, Bank of Japan Research Papers from Bank of Japan

Abstract: This paper empirically analyzes the relationship between monetary aggregates and economic activities in Japan using actual data and focusing on long-term equilibrium relationships. Long-term time-series data from the 1960s to 1996 are used in the analysis in order to observe long-term relationships between the most commonly used monetary aggregate, M2+CDs, and macroeconomic indicators, such as GDP, rather than limiting the analysis to short-term relationships during the past year or two. In addition to long-term relationships, the stability of the money demand function and also the lead/lag relationships between monetary aggregates and other macroeconomic indicators are tested.

Date: 1997-11
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Persistent link: https://EconPapers.repec.org/RePEc:boj:bojron:97-e-1101b

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