This paper examines the impact of the choice of a money stock measure on the inference about monetary shocks. To this end, it adopts order-invariant forecast error variance decompositions (FEVD) for an unrestricted vector autoregressive (UVAR) model. This approach does not require...

Previous research has hypothesized the existence of a long-term equilibrium relation between stock prices and certain macroeconomic variables. The vector error correction model (VECM) (Johansen (1991)) is utilized to determine the impact of selected macroeconomic variables on Amman Stock...