Dreger, Christian; Wolters, Jürgen - 2010
Recent empirical studies have found evidence of unstable long run money demand functions if recent data are used. If … the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in the ECB strategy … has to be doubted. In contrast we present a "stable'' long run money demand relationship for M3 for the period 1983 …