What do these results suggest about the superiority of one model over the other? If we consider the cumulative effect of a unit change in MM and E on Y, we obtain, respectively, Y^4=o Pi = 1.06 and J]4=o = 0.03, the former being statistically significant and the latter not. This comparison would tend to support the monetarist claim that it is changes in the money supply that determine changes in the (nominal) GNP. It is left as an exercise for the reader to evaluate critically this claim.
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