Metadata
Author: Giga-fren
Data
English[en]
For each innovation period we define the size of the shift to be the change in real balances between the beginning and end dates of the shift, minus the estimated change related to change in real GDP: ln(Shift /CPI)i = ln(Mi /CPI)end − ln(Mi /CPI)begin − 0.6 [ln(GDP)end − ln(GDP)begin], where 0.6 is a long-run output elasticity generated by the M1 VECM described in Hendry (1995) and where M i is any group of accounts listed in Table A1.2 This methodology is fairly crude.
French[fr]
En 1978 et en 1986, le taux annuel moyen du papier commercial à 90 jours (R90) était de 9 %1.