RDP 9314: The Demand for Money in Australia: New Tests on an old Topic 4. Cointegration

Table 3: Summary of Cointegration Results
Regressors Money Aggregates	GDP	GDP O/R	GDP BILL	GDP 2yr	GDP 10yr	GNE	GNE O/R	GNE BILL	GNE 2yr	GNE 10yr	PFD	PFD O/R	PFD BILL	PFD 2yr	PFD 10yr	Outcome
E = cointegration at the 5 per cent critical level using the Engle-Granger Procedure. J = cointegration at the 5 per cent critical level using the Johansen Procedure.
CURRENCY	NO	–	NO	E/J	E/J	NO	–	NO	E/J	NO	NO	–	J	J	NO	8/24
MB	NO	–	NO	E	NO	NO	–	NO	NO	NO	NO	–	NO	NO	NO	1/24
MB-SRD	NO	–	NO	J	NO	NO	–	NO	J	NO	NO	–	NO	NO	NO	2/24
MB-AMMD	NO	–	NO	NO	NO	NO	–	NO	NO	NO	NO	–	NO	NO	NO	0/24
MB-SRDAMMD	NO	–	NO	J	NO	NO	–	NO	J	NO	NO	–	NO	J	NO	3/24
NC-MB	NO	–	NO	NO	NO	NO	–	NO	NO	NO	NO	–	NO	NO	NO	0/24
NC-MB-SRD	NO	–	NO	J	NO	NO	–	NO	J	NO	NO	–	NO	NO	NO	2/24
NC-MB-AMMD	NO	–	NO	NO	NO	NO	–	NO	NO	NO	NO	–	NO	NO	NO	0/24
NC-MB-SRDAMMD	NO	–	NO	J	NO	NO	–	NO	J	NO	NO	–	NO	J	NO	3/24
M1	NO	NO	NO	NO	NO	NO	NO	NO	NO	NO	NO	NO	NO	NO	NO	0/30
M3	NO	J	NO	J	NO	NO	NO	NO	NO	NO	NO	NO	NO	J	NO	3/30
M3-BA	NO	J	NO	NO	NO	NO	NO	NO	NO	NO	NO	NO	NO	NO	NO	1/30
BROAD MONEY	NO	NO	NO	NO	NO	J	NO	J	J	J	NO	NO	E	NO	NO	5/30