Note: The following is a description of the paper and not the abstract as published in the print journal. In this paper new evidence on the transmission of monetary policy shocks across the G-6 countries is presented. Monetary shocks are identified as those that have a proportionate effect on...

In this study we examine the stability of long-run broad money demand in Japan. In contrast to previous studies of Japanese broad money demand, we use a series of tests designed specifically to test for structural instability in the presence of I(1) processes. According to these tests, the...