The first of January 1999 marked the beginning of a macroeconomic
experi ment without precedent in modern history. For the first time
eleven European countries agreed to abolish their local currencies
in favour of a single one, the Euro. Not surprisingly, the
necessary preparatory process has been accompa nied by an intensive
discussion about the best way to manage the new Euro currency
properly. To spur on that discourse was the principal motivation
for this thesis. The introductory chapter attempts to bridge
economic and econometric views on money demand analysis. It should
help to motivate estimation proce dures and to standardize
interpretation techniques, hopefully initiating further discussion
in that direction. It intends to make the following chapters more
accessible. In this thesis I approach the general subject in two
principle ways. In chapter 3 I consider technical issues dealing
with time series with shifts in the mean. Two years ago, Helmut
Liitkepohl and Pentti Saikkonen asked me to join in on a related
project which became the cornerstone of this chapter. I have very
much appreciated the highly instructive collaboration with both
these scholars."
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