Bhanumurthy, N R; Ramachandran, M; Padhan, Purna Chandra - Institute for Social and Economic Change (ISEC) - 2001
The present study tests the validity of the Quantity Theory of Money with the help of a new test procedure developed by Horvath & Watson (Econometric Theory, 1995) in a multiple cointegration framework. By using a fairly long quarterly data set of USA, Canada, Australia and Italy for the period...