On the long-run Relationship Between Money, Output and Interest Rates: A Cointegration Analysis for West Germany

Werner Gaab and Olaf Liedtke
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Werner Gaab: Universität Essen
Olaf Liedtke: Universität Essen & Georgetown University, Washington D. C.

No 1992045, Discussion Papers (REL - Recherches Economiques de Louvain) from Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES)

Abstract: The existence of a long-run equilibrium relationship between real money balances, real output and an interest rate plays an important role in economic theory and monetary policy. The main purpose of this paper is to look for such a long-run relationship in Germany in face of a changing monetary policy regime in mid-1970s. We use a test for cointegration developed by Johansen (1988). The empirical evidence is very fragile depending heavily on the time period analyzed.

Pages: 18
Date: 1992-09-01
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