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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)

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.

Suggested Citation

  • Research and Statistics Department, 1997. "On the Relationship between Monetary Aggregates and Economic Activities in Japan: A Study Focusing on Long-Term Equilibrium Relationships," Bank of Japan Research Papers 1997-11, Bank of Japan.
    • Handle: RePEc:boj:bojron:97-e-1101b
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