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The demand for M3 in the euro area
Coenen, Günter; Vega, Juan Luis - European Central Bank - 1999
In this paper, an empirically stable money demand model for M3 in the euro area is constructed. Starting with a multivariate system, three cointegrating relationships with economic content are found: (i) the spread between the long- and the short-term nominal interest rates, (ii) the long-term...
Persistent link: https://www.econbiz.de/10005162897
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Money Demand in EU Countries : A Survey.
Browne, F.X.; Fagan, G.; Henry, J. - European Central Bank - 1997
Money demand is probably one of the most extensively studies economic relationships in applied economics. While useful surveys of existing literature are available, much of the attention ahes focused on the United States. However, a considerable number of papers have recently been produced...
Persistent link: https://www.econbiz.de/10005671625
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A monthly monetary model with banking intermediation for the euro area
Bruggeman, Annick; Donnay, Marie - European Central Bank - 2003
JEL Classification: C32, E41, E43, E50, G21
Persistent link: https://www.econbiz.de/10005530973
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A Stable Model for Euro Area Money Demand: Revisiting the Role of Wealth
Beyer, Andreas - European Central Bank - 2009
In this paper we present an empirically stable money demand model for Euro area M3. We show that housing wealth is an important explanatory variable of long-run money demand that captures the trending behaviour of M3 velocity, in particular its shift in the first half of this decade. We show...
Persistent link: https://www.econbiz.de/10008558668
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Bayesian inference in cointegrated VAR models: with applications to the demand for euro area M3
Warne, Anders - European Central Bank - 2006
The paper considers a Bayesian approach to the cointegrated VAR model with a uniform prior on the cointegration space …. Building on earlier work by Villani (2005b), where the posterior probability of the cointegration rank can be calculated … the marginal likelihood identity is used for calculating these probabilities, a point estimator of the cointegration space …
Persistent link: https://www.econbiz.de/10005816301
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Why has broad money demand been more stable in the euro area than in other economies? A literature review
Calza, Alessandro; Sousa, João - European Central Bank - 2003
JEL Classification: E41, C22, C32
Persistent link: https://www.econbiz.de/10005530979
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Aggregate loans to the euro area private sector
Calza, Alessandro; Manrique, Marta; Sousa, João - European Central Bank - 2003
This paper provides new evidence on the behaviour of euro area aggregate loans to the private sector. Using a sample covering the last twenty years, a cointegrating vector linking the real stock of loans to a small set of domestic macroeconomic variables is found. Besides real GDP and prices,...
Persistent link: https://www.econbiz.de/10005344909
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Modelling loans to non-financial corporations in the euro area
Kok, Christoffer; Marqués-Ibáñez, David; Rossi, Carlotta - European Central Bank - 2009
We model the determinants of loans to non-financial corporations in the euro area. Using the Johansen (1992) methodology, we identify three cointegrating relationships. These relationships are interpreted as the long-run loan demand, investment and loan supply equations. The short-run dynamics...
Persistent link: https://www.econbiz.de/10004969181
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Non-linear dynamics in the euro area demand for M1
Calza, Alessandro; Zaghini, Andrea - European Central Bank - 2006
This paper investigates possible non-linearities in the dynamics of the euro area demand for the narrow aggregate M1. A long-run money demand relationship is firstly estimated over a sample period covering the last three decades. While the parameters of the relationship are jointly stable, there...
Persistent link: https://www.econbiz.de/10005222297
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Labour supply and incentives to work in Europe
Gómez Salvador, Ramón (contributor) - What explains the pattern of labour supply in Europe … - 2005
Labour Supply and Incentives to Work in Europe highlights recent developments in the labour supply in Europe and gives a detailed assessment of their link with economic policies and labour market institutions. Despite major changes in European labour supply during the past few decades, the...
Persistent link: https://www.econbiz.de/10011851054