In this paper M3R (excluding non-residents' transactions from from M3), which is the broadest and most relevant measure of money in NZ, is preferred to other narrower measures of money such as monetary base, M1 and M2.
As mentioned earlier, M3R is the broadest monetary aggregate, and therefore RL is best proxied by a "long-run rate" such as the rate of interest on 10-year government bonds, a security with the longest maturity for which the quarterly time series data are available.
Table 3 reports the results of the Johansen multivariate cointegration test on the demand for M3R as formulated in equation (1).
As seen from equation (4), a one per cent increase in real income stimulates the real demand for M3R by almost 1.
Cointegration tests clearly indicate that there is a unique cointegrating vector which links the real demand for M3R with real income, the interest rate spread (i.
This paper supports the view that M3R is a predictable monetary aggregate as long as it is well-specified.
The missile will use the same Samp-T launcher while the radar should be the ThalesRaytheon Master M3R
currently under development, which should have a 1000-km instrumented range, a 45[degrees] azimuth coverage and tracking up to 85[degrees] in elevation in sector (staring antenna) TBMD mode.