Assenmacher-Wesche, Katrin; Beyer, Andreas - 2019
Extending the data set used in Beyer (2009) to 2017, we estimate I(1) and I(2) money demand models for euro area M3 … crisis and the ECB's non-standard monetary policy measures, we find that the money demand and the real wealth relations … in the I(2) model we find that the nominal-to-real transformation is not rejected for the money relation whereas the …