We study the relative positions of M1 and M2 in light of their relationships with four U. S. equity exchanges: S&P500, Dow Jones Industrial, Nasdaq, and Wilshire 5000 composite. It is demonstrated that a long-term equilibrium relationship does indeed exist. Short-run dynamics are also considered...

In this paper, the evidence reported in the large literature on testing for money-output Granger causality is revisited by applying an alternative methodology based on the leveraged bootstrapped simulation techniques, using data from Denmark and Sweden. Based on the estimation results, the...

This study investigated the causal relationship between credit market development and economic growth for Ireland for the period 1978-2007 using a vector error correction model (VECM). The purpose of this study was to investigate the short-run and the long-run relationship between the examined...

We use frequency-wise Granger-causality tests and error-correction models to investigate the driving forces behind longer-run inflation developments in the euro area. Employing an eclectic approach we consider various relevant theories. With a general-to-specific testing strategy we distill the...