The purpose of this note is to test the stability of a short-run money demand function for Switzerland during the breakdown of tile fixed exchange rate system and for the OPEC crisis. The evidence suggests that the function was unstable due to intercept shifts that occurred during the breakdown of the Bretton Woods system but not during the OPEC crisis. The evidence provides a counterexample to other recent studies that conclude that money demand studies for other major industrialized countries besides the United States were apparently stable during this period.
