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

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  • Martin T. Bohl

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.

Suggested Citation

  • Martin T. Bohl, 1999. "Buffer-Stock-Komponenten in der Geldnachfrage von Deutschlands M3?," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 135(IV), pages 577-589, December.
  • Handle: RePEc:ses:arsjes:1999-iv-3
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