Disequilibrium macre TABLE 3. Short-Run Disequilibria in Money Market te Error M1 Error m2 Date Error Mi Error M2 74:113.1509 11.358481:1-61.7334 71.8368 74222288719.059381:2-328256-449324 74325.9008298321813-30.3126 8.1445 6.1038 17.50788l:4 21.4593 75:1 82:1 38.1170 75:2 4.5163 82231.7449390233 0.8009 1.7710 82:3 44.0344 l6.9934 10.575082:4 23.6385 960725 76:1-34356730.230283:1 78.0244 76.9354 762-158218-12090783:269.709159.5572 76:3-7.6018 4.866083:373.771358.8806 0.034083:444 32.1397 12.9621 4.292784:1 2.4403 3.588 77:2-17.1918 1581842 17.1096 l2.2908 199091 0.2609843 24.386116.8943 56313 26.200284:4 7.2771 7.2674 1.598l 18.8408 15.5524 782-48.9288 24.5324852 2.7867 1.4798 78:3-45.8349-277916853 8.5054 7.0519 78:4-38.7536 22.472585:4 1.3424 79:1-44.3260 13.27 792-466318-28.898486:2 0.4234 79:3-43.0815-29.259486312.1440-4.8920 17.070 86:4 50.14l 36.0378 80:1 9.4776 A4.169087:1 41.2841 6.3737 80:2-44.4363-28902587:2 6.8887 803-382878-30.798087:325.4535-33.7998 80:4 8.4928-21.764487:4 0. NOTE: The errors measure the difference between the actual money stock and he fitted money demand from cointegration equations, including the four-to- six-month commercial-paper rate, for MI and M2 contained in Table 2 1985:iu. For MI a similar story is told, except that the oversupply of the money stock in the early and mid-1980s becomes more dra matic in magnitude and in persistence-generally larger and posi tive errors from 1982 i through 1987: iuDisequilibrium Macroeconomics TABLE 3. Short-Run Disequilibria in Money Market Date Error Ml Error M2 Date Error Ml Error M2 74:l 13.1509 74:2 22.2887 74:3 25.9008 74:4 6.1038 75:l -3.9263 75~2 -4.5163 75:3 0.8009 75:4 - 16.9934 76:l -34.3567 76:2 - 15.8218 76:3 -7.6018 76:4 -9.4554 77:l - 12.9621 77~2 -17.1918 77:3 -19.9091 77:4 5.6313 78:l 1.5981 78~2 -48.9288 78:3 -45.8349 78:4 -38.7536 79:l -44.3260 79:2 -46.6318 79:3 -43.0815 79:4 - 17.0707 8O:l -29.4776 80:2 -44.4363 80:3 -38.2878 80:4 -8.4928 11.3584 81:l -61.7334 -71.8368 19.0593 81:2 -32.8256 -44.9324 29.8321 81:3 -30.3126 -38.1445 17.5078 81:4 -24.4134 -21.4593 6.3670 82:l 30.9629 38.1170 1.7710 82~2 31.7449 39.0233 6.4324 82~3 44.0344 56.1784 - 10.5750 82~4 23.6385 26.0725 -30.2302 83:l 78.0244 76.9354 - 12.0907 83~2 69.7091 59.5572 -4.8660 83:3 73.7713 58.8806 0.0340 83:4 44.3360 32.1397 4.2227 84:l 2.4403 -3.5882 0.1581 84:2 17.1096 12.2908 0.2609 84:3 24.3861 16.8943 26.2002 84~4 7.2771 7.2674 28.0690 85:l 18.8408 15.5524 -24.5324 85~2 2.7867 1.4798 -27.7916 85~3 8.5054 7.0519 -22.4725 85~4 7.4682 1.3424 -28.6224 86:l - 28.8984 86:2 -29.2594 86:3 -7.6395 86:4 - 13.2705 -29.5663 0.4234 -21.9828 12.1440 -4.8920 50.1401 36.0378 -24.1690 87:l -28.9025 87~2 -30.7980 8713 -21.7644 87:4 41.2841 6.3737 53.0456 6.8887 25.4535 -33.7998 13.3300 - 10.1328 NOTE: The errors measure the difference between the actual money stock and the fitted money demand from the cointegration equations, including the four-to￾six-month commercial-paper rate, for Ml and M2 contained in Table 2. 1985:iv. For Ml a similar story is told, except that the oversupply of the money stock in the early and mid-1980s becomes more dra￾matic in magnitude and in persistence-generally larger and posi￾tive errors from 1982:i through 1987:iv. 577