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Table 1 Estimates of M2 demand function (1975Q1–2018Q3)

From: Money and inflation in Switzerland

Method

\(b_{0}\)

\(b_{1}\)

\(R^{2}\)

DW

Cointegration test

FMOLS

− 2.959***

− 0.1156***

0.8597

0.2362

− 3.602**

(0.0256)

(0.00672)

  

Phillips–Ouliaris

DOLS

− 2.953***

− 0.1173***

0.8833

0.2362

− 3.970***

(0.0262)

(0.00688)

  

Engle–Granger

  1. Newey–West standard errors in parentheses
  2. *, **, ***indicates significance at the 10, 5 and 1% level, respectively