Does a Cointegrating M2 Demand Relation Really Exist in the United States?
重新检验了战后美国M2需求协整关系的证据，使用1959年至1993年的季度数据和三种检验方法，发现全样本几乎不支持协整，因此M2误差修正模型不再适用于研究1990年代的经济波动。
This paper reexamines evidence on M2 demand cointegration in the postwar United States. Equilibrium relations between M2 and various sets of its determinants are analyzed using quarterly observations from 1959:1 to 1988:4, 1990:4, and 1993:4 based on three different testing methods. For earlier subsamples, mixed results are obtained suggesting both cointegration and no cointegration. For the full sample, however, virtually no evidence supports cointegration. Accordingly, a M2 error-correction model is no longer appropriate to investigate short-run dynamics of business fluctuations in the 1990s. Copyright 1996 by Ohio State University Press.