1. Use a Johansen test to determine how many co-integrating relationships are there among real income, prices, and the money supply (use GDPC96, JCXFE, and M2SL in FRED and the sample period 1959:1-2010:4). Can real output be excluded from the relationship? Are real money balances stationary? Is velocity stationary?
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February 07, 2011
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Economics 607
Mark Thoma
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