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THE NATURE OF THE DATA AND ECONOMETRIC ESTIMATION
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Accept adaptive expectations Almon variables assumed autocorrelation Bank of Canada broad money components considered constraints data period definition of money definitions of narrow demand for money demand function dependent variable e1asticity econometric equations estimated Error sum estimated demand estimation period explanatory variables F test forecast errors forecasting ability Goldfeld Gross national expenditure growth rate horizon period hypothesis imply income elasticity interest rate changes interest rates lagged error terms long-run elasticities M1A equation MODEL B SPECIFICATION monetary aggregates monetary policy money definitions money equations money function money supply narrow money nominal income non-chequable personal savings notice deposits p1us parameters pattern of forecast percent personal savings deposits personal sector PGNE PHMS policy instrument policymakers Random real income results obtained RGNE RNCB root mean square serial correlation short-term interest rates six months SIX SUBPERIODS stability statistic sum of squares Tab1e term and notice traditional equation underpredicted WLTH