Lütkepohl, Helmut; Wolters, Jürgen - 1997
A small macroeconomicmodel is constructed starting from a German money demand relation for M3 based on quarterly … model for M3, GNP, an inflation rate and an interest rate spread variable to represent opportunity costs of holding money …. Furthermore, import price ination is added as an exogenous variable. The model is used to analyze the relation between money …