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Modellierung einer stabilen Geldnachfragefunktion für Deutschlands M2
Credit and Capital Markets – Kredit und Kapital, Vol. 32 (1999), Iss. 2 : pp. 209–224
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Martin T. Bohl, Gießen
References
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Abstract
Specification of a Stable Money Demand Function for German M2
In this paper the German M2 money demand function is investigated using seasonally adjusted and unadjusted quarterly data over the period from 1960 to 1996. The findings show that the usage of seasonally adjusted time series may be responsible for the problems to model a money demand function for M2. Empirical evidence is found in favour of a stable long-run M2 money demand function relying on seasonally unadjusted data while it is not possible to establish a stable long-run relationship using seasonally adjusted time series. The seasonal error correction model exhibits satisfactory properties and fits the data quite well.