phen M. Miller TABLE 5. Error-Correction Regressions : CONST EC 1959i-1987it l.010*0.480*-0.405*0.210*0.221.95 (1.72)⑤5.11)(431)(2.26) DlnP0.011*0.108*0.265*0.180* 0.10197 (4.38)(1.92)②280)(1.94 D In y 0.005*0.144*0.281* 0.121.99 (491)(290)(3.17) D In P 0.038**0.548*0.423* 0.622.13 (4.90) 1959-1973it D In -0.4170.558* 0.191.85 (0.41)(3.90) D In Py0.018*O.246* 0.121.46 D In y 0.009*0.238 0.151.72 (8.76)(3.32) 0.0520.517*0.480* 0.432.21 (1.27)(41.29)(3.86) 1974;1-1987:it D In r 3.507*0.390*-0.371* 0.301.82 D In Py0.014*0.0210.335* 0.072.01 (4.36)(0.23)②2.46) 0.004*0.0320.365* 0.102.00 D In P 0.0220.538*0.408* 0.70205 (0.62)(4.60)(3.48) NOTES: See Table 2. The re t-statistics. EC is the error-correction term determined from the corresponding tive subscripts refer to lags. Tests are ficients of EC, where they are one-tailed *significant at the 5% level * significant at the 10% level 4. Conclusion Monetary theorists have lived through turbulent events in the post-1973 period. The seeming breakdown of the cherished stability of the money demand function generated a reassessment of funStephen M. Miller TABLE 5. Error-Correction Rewessions Variable Coefficents of (4 CONST EC-, x-~ x-3 x-3 R2 DW 1959:i-1987:iu D In r, - -1.010* 0.480* -0.405* 0.210* 0.22 1.95 (1.72) (5.11) (4.31) (2.26) D In Py O.Oll* 0.108* 0.265* 0.180** - 0.10 1.97 (4.38) (1.92) (2.80) D In y 0.005* 0.144* 0.281* (4.91) (2.90) (3.17) DlnP - 0.038** 0.548* (1.59) (6.37) 1959:i-1973:iu D In r, - -0.417 0.558* (0.41) (3.90) D In Py 0.018* 0.246* - (15.03) (2.99) D In y 0.009* 0.238* - (8.76) (3.32) DlnP - 0.052 0.517* (1.27) (4.29) 1974:i-1987:iu D In r, - -3.507* 0.390* (3.44) (3.21) D In Py 0.014* 0.021 0.335* (4.36) (0.23) (2.46) D In y (:I;* (E; 0.365* (2.77) DlnP - 0.022 0.538* (0.62) (4.60) (1.94) - 0.423* (4.90) 0.480* (3.86) -0.371* (3.19) - 0.408* (3.48) - 0.12 1.99 - 0.62 2.13 - 0.19 1.85 - 0.12 1.46 - 0.15 1.72 - 0.43 2.21 - 0.30 1.82 - 0.07 2.01 - 0.10 2.00 - 0.70 2.05 NOTES: See Table 2. The numbers in parentheses under parameter estimates are t-statistics. EC is the error-correction term determined from the corresponding cointegrations reported in Table 4. The negative subscripts refer to lags. Tests are two-tailed except for the coefficients of EC, where they are one-tailed. *significant at the 5% level. **significant at the 10% level. 4. Conclusion Monetary theorists have lived through turbulent events in the post-1973 period. The seeming breakdown of the cherished stability of the money demand function generated a reassessment of fun- 580