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Stability of money demand in Switzerland: A comparison of the M2 and M3 cases

✍ Scribed by Michel Peytrignet; Christof Stahel


Publisher
Springer-Verlag
Year
1998
Tongue
English
Weight
882 KB
Volume
23
Category
Article
ISSN
0377-7332

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Starting from a linear error correction model (ECM) the stability and linearity of a German M1 money demand function are investigated, applying smooth transition regression techniques. Using seasonally unadjusted quarterly data from 1961(1) to 1990(2) it is found that the money demand equation consi