From: Money demand under free banking: Switzerland 1851–1906
∆x′ t = (∆m t , ∆p t , ∆y t , ∆rs t , ∆bb t , ∆nb t , ∆rm t ) \( {\Delta x}_{it}={\gamma}_{i1}{u}_{1t-1}+{\gamma}_{i2}{u}_{2t-1}+{\gamma}_{i3}{u}_{3t-1}+{\gamma}_{i4}{u}_{4t-1}+\sum \limits_{j=1}^7{c}_{ij}{\Delta x}_{jt-1}+{\varepsilon}_{it},\kern1.75em i=1,2,\dots 7 \) | ||||||
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Equation | γ i1 | γ i2 | γ i3 | γ i4 | Adj R2 | se |
∆m t | − 0.259** (0.108) | 0.0551 (0.0327) | − 0.105** (0.046) | − 4.017 (6.659) | 0.0700 | 3.542 |
∆p t | 0.471** (0.193) | − 0.336*** (0.0795) | − 0.129 (0.0961) | − 30.186** (15.016) | 0.348 | 6.881 |
∆y t | − 0.226 (0.243) | 0.355*** (0.103) | 0.0931 (0.114) | 23.565 (18.960) | 0.271 | 7.983 |
∆rs t | 0.000326 (0.00190) | − 0.001295 (0.000804) | 0.00011 (0.000905) | 0.390** (0.132) | 0.291 | 0.0601 |
∆bb t | 0.150 (0.165) | − 0.0914* (0.0480) | − 0.0298 (0.0585) | − 22.846** (9.587) | 0.486 | 3.650 |
∆nb t | − 0.00174 (0.0525) | 0.00682 (0.0278) | − 0.0251 (0.0248) | − 2.943 (4.188) | 0.401 | 1.586 |
∆rm t | − 0.0000413 (0.00277) | − 0.00325*** (0.00119) | 0.000299* (0.00155 | − 0.376* (0.231) | 0.210 | 0.0871 |