Monetary Asset Substitution in the Euro Area

I estimate time-varying elasticities of substitution between monetary assets for the Euro area using the semi-nonparametric method of Gallant (1981). The estimated elasticities suggest are consistent with the assumption of imperfect substitution between asset. Furthermore, the elasticities provide little evidence for the presence of structural breaks in money demand in the period 2001-2003 suggested by the ECB (2003).

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Year of publication:	2009-10-14
Authors:	Zagaglia, Paolo
Institutions:	Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München
Subject:	money demand \| asset substitution \| nonparametric methods

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Extent:	application/pdf
Series:	MPRA Paper.
Type of publication:	Book / Working Paper
Classification:	C63 - Computational Techniques ; C14 - Semiparametric and Nonparametric Methods ; E41 - Demand for Money
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008518108