Zusammenfassung Die Analyse von täglichen Änderungen der deutschen Umlaufsrendite für festverzinsliche Wertpapiere der öffentlichen Hand zeigt starke Evidenz für eine zeitliche Abhängigkeit in den Varianzen für die Periode Januar 1981 - Juli 1996. Der untersuchte Zeitraum umfaßt die...

Summary In this paper, the P-star framework is mainly used to examine the importance of money for future price movements in the euro area. Constructing the equilibrium price level, simple-sum M3 and different Divisia M3 aggregates are considered. In addition, nominal money changes are...

In this paper we follow an empirical approach to examine the implications of the Fisher hypothesis, namely cointegration linking interest rates and in°ation, and stationarity of the real interest rate implying in turn homogeneity of the potential equilibrium relation. The considered sample is...

Investigating the German money demand function the paper provides a vector autoregressive model that allows for cointegration at the zero frequency and at the seasonal frequencies. The sample period is 1975:1 to 1995:4 and thus contains the German unification period. Using prediction tests the...