Hayo, Bernd - Zentrum für Europäische Integrationsforschung (ZEI), … - 1998
inflation target, the existence of a stable money demand function at a European level is important. In this paper estimates of … such a European money demand for narrow and broad money for the actual 11 EMU countries based on quarterly aggregate data … models appear to be stable over a period of 20 quarters. This raises the hopes that the ECB will face a stable money demand …