This paper examines the empirical characteristics of target-goal relationships between M0 on the one hand, and output, prices, interest rates and the current account balance on the other hand, in terms of a good intermediate target and informational variable. The results of a five-variate vector...

This paper re-examines the relationship between money and other macroeconomic variables in mainland China. The results of a four-variable VAR analysis are indicative of a bi-directional causality between narrow money supply and real income. However, contrary to most research work in this area,...

Using a hybrid of cointegration theory and Granger-Akaike's synthesis of modelling strategy, we have reexamined the causal relationship between tax revenue and government spending in the UK in a cointegrated VAR model. The results are indicative of a bi-directional causality between revenue and...

This paper re-examines the relationship between alternative monetary aggregates (M0 and M4) and other macroeconomic variables in the United Kingdom. The results of a five-variable VAR analysis are indicative of bidirectional causality between each of the monetary aggregates and real output. Our...