Wolters, Jürgen; Teräsvirta, Timo; Lütkepohl, Helmut - In: The Review of Economics and Statistics 80 (1998) 3, pp. 399-409
An error correction model for the demand for real M3 money is constructed for the period of 1976-1994 with real GNP, the GNP deflator, as well as a short-term and a long-term interest rate as explanatory variables. Quarterly, seasonally unadjusted data are used in estimating the model. It is...