Assenmacher-Wesche, Katrin; Beyer, Andreas - 2020
Extending the data set used in Beyer (2009) from 2007 to 2017, we estimate I(1) and I(2) money demand models for euro … area M3. We nd that the elasticities in the money demand and the real wealth relations identi ed previously in Beyer (2009 …-to-real transformation is not rejected for the money relation whereas the wealth relation cannot be expressed in real terms. …