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

  • Werner GAAB

    (Universität Essen)

  • Olaf LIEDTKE

    (Universität Essen & Georgetown University, Washington D. C.)

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    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.

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    File URL: http://www.jstor.org/stable/40724004
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    Paper provided by Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) in its series Discussion Papers (REL - Recherches Economiques de Louvain) with number 1992045.

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    Length: 18
    Date of creation: 01 Sep 1992
    Date of revision:
    Handle: RePEc:ctl:louvre:1992045
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