coordination. In this study several tests are applied to the money demand functions of Japan, Germany, Canada, France, and Italy in …

evidence of fractional cointegration for the remaining countries, i.e. Germany, Canada, the USA and the UK (where, however, the …. It is found that the null hypothesis of no cointegration cannot be rejected for Japan. In contrast, there is some … appropriate policy framework for monetary authorities in the first three countries, but not in Japan or in the UK …