Following Friedman and Meiselman (1963), the role of money supply in determining income and output has been extensively studied both in the context of developed and developing economies. This paper tests the money-output relationship for Mexico. Drawing on the latest development in time series...

The efficient market hypothesis for the Canadian foreign exchange market is tested using monthly data on spot and forward exchange rates from January 1973 to October 1995. Unlike most previous studies, we have estimated a transfer function model which combines the results of the univariate time...