Menu Expand

Cite JOURNAL ARTICLE

Style

Neumann, M., Weigand, J. Monetäres Reinvermögen versus Geldmenge M3: Eine Erwiderung. Credit and Capital Markets – Kredit und Kapital, 31(1), 87-103. https://doi.org/10.3790/ccm.31.1.87
Neumann, Manfred and Weigand, Jürgen "Monetäres Reinvermögen versus Geldmenge M3: Eine Erwiderung" Credit and Capital Markets – Kredit und Kapital 31.1, 1998, 87-103. https://doi.org/10.3790/ccm.31.1.87
Neumann, Manfred/Weigand, Jürgen (1998): Monetäres Reinvermögen versus Geldmenge M3: Eine Erwiderung, in: Credit and Capital Markets – Kredit und Kapital, vol. 31, iss. 1, 87-103, [online] https://doi.org/10.3790/ccm.31.1.87

Format

Monetäres Reinvermögen versus Geldmenge M3: Eine Erwiderung

Neumann, Manfred | Weigand, Jürgen

Credit and Capital Markets – Kredit und Kapital, Vol. 31 (1998), Iss. 1 : pp. 87–103

1 Citations (CrossRef)

Additional Information

Article Details

Author Details

Manfred Neumann, Nürnberg

Jürgen Weigand, Nürnberg

Cited By

  1. Competition, Efficiency, and Welfare

    About Manfred Neumann

    Mueller, Dennis C.

    Haid, Alfred

    Weigand, Jürgen

    1999

    https://doi.org/10.1007/978-1-4615-5559-9_1 [Citations: 0]

References

  1. Clostermann, J., Scharnagl, M. und Seitz, F. (1997): Monetäres Reinvermögen versus Geldmenge M3 - Eine Entgegnung, in: Kredit und Kapital 30, S. 101-115.  Google Scholar
  2. Doornik, J. und Hendry, D. F. (1995): PcFiml 8.0. Interactive Econometric Modelling of Dynamic Systems, London u.a.  Google Scholar
  3. Engle, R. F. und Granger, C. J. W. (1991): Long-Run Economic Relationships. Readings in Cointegration, Oxford.  Google Scholar
  4. Granger, C. J. W. (1969): Investigating Causal Relations by Econometric Models and Cross-Spectral Methods, in: Econometrica 37, S. 424 - 438.  Google Scholar
  5. Granger, C. J. W. und Newbold, P. (1974): Spurious Regression in Econometrics, in: Journal of Econometrics 2, S. 111-120.  Google Scholar
  6. Hafer, R. W. und Kutan, A. M. (1997): More Evidence on the Money-Output Relationship, in: Economic Inquiry 35, S. 48-58.  Google Scholar
  7. Hamilton, J. D. (1994): Time Series Analysis, Princeton.  Google Scholar
  8. Miyao, R. (1996): Does a Cointegrating M2 Demand Relation Really Exist in the United States?, in: Journal of Money, Credit, and Banking 28, S. 365 - 380.  Google Scholar
  9. Neumann, M. (1992): Verkehrte Richtung, in: Wirtschaftswoche, Heft Nr. 31, S. 24.  Google Scholar
  10. Neumann, M. und Weigand, J. (1996): Monetäres Reinvermögen versus Geldmenge M3. Zur Indikatorqualität alternativer monetärer Aggregate, in: Kredit und Kapital 29, S. 224 - 243.  Google Scholar
  11. Neumann, M. und Weigand, J. (1997): Geldpolitik und Konjunktur, in: ifo Studien 43, S. 195 -209.  Google Scholar
  12. OECD (1993): Economic Surveys 1992 - 1993, Paris.  Google Scholar
  13. Osterwald-Lenum, M. (1992): A Note with Quantiles of the Asymptotic Distribution of the ML Cointegration Rank Test Statistic, in: Oxford Bulletin of Economics and Statistics 54, S. 461-472.  Google Scholar
  14. Pesek, B. und Saving, T. R. (1967): Money, Wealth and Economic Theory, New York.  Google Scholar
  15. Reimers, H.-E. (1992): Comparison of Tests for Multivariate Cointegration, in: Statistical Papers 33, S. 335 - 359.  Google Scholar
  16. Rotemberg, J. J., Driscoll, J. C. und Poterba, J. M. (1995): Money, Output, and Prices: Evidence From a New Monetary Aggregate, in: Journal of Business & Economic Statistics 13, S. 67 - 83.  Google Scholar
  17. Scharnagl, M. (1996): Geldmengenaggregate unter Berücksichtigung struktureller Veränderungen an den Finanzmärkten, Diskussionspapier 2/96, Volkswirtschaftliche Forschungsgruppe der Deutschen Bundesbank. - Sims, C. A. (1972): Money, Income and Causality, in: American Economic Review 62, S. 540 - 552  Google Scholar
  18. Sims, C. A. (1980): Macroeconomics and Reality, in: Econometrica 48, S. 1-48.  Google Scholar
  19. Toda, H. Y. (1994): Finite Sample Properties of Likelihood Ratio Tests for Cointegrating Ranks When Linear Trends are Present, in: Review of Economics and Statistics 76, S. 666 - 79.  Google Scholar

Abstract

Net Monetary Wealth versus Money Supply M3: A Reply

The paper deals with the critique advanced by Clostermann, Scharnagl and Seitz (CSS) against our article „Net Monetary Wealth versus Money Supply M3“. We present evidence refuting the CSS allegation that our former results benefitted from a favorable choice of the sample period. Extending the sample period to include the period after German reunification (1991 to 1996) reinforces our original conclusion: A cointegrating relationship between M3 and GDP (in real terms) does not show up, while net monetay wealth and GDP cointegrate. Thus M3 is not a reliable indicator of potential real effects of monetary policy. Further, we checked the cointegration results presented by CSS relating to the usual money demand function. We found that the existence of a unique cointegrating relationship between M3, GNP and the long-term interest rate is predicated on modelling the deterministic components of the underlying error correction model. Interestingly, even in the approach applied by CSS, real effects of monetary policy are observed in the short run as well as in the long run.