Journal
ECONOMICS LETTERS
Volume 66, Issue 2, Pages 203-208Publisher
ELSEVIER SCIENCE SA
DOI: 10.1016/S0165-1765(99)00223-2
Keywords
CUSUM; CUSUMSQ; cointegration; M3; Germany
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This paper employs quarterly data from the whole of Germany to test the stability of M3 demand for money. The methodology is based on an application of the CUSUM and CUSUMSQ in the context of error-correction modeling and cointegration. The results reveal some instability in M3 money demand function. (C) 2000 Elsevier Science S.A. All rights reserved.
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