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A money demand system for M3 in the unified Germany

Lütkepohl, Helmut; Wolters, Jürgen - 1997

A small macroeconomicmodel is constructed starting from a German money demand relation for M3 based on quarterly, seasonally unadjusted data for the period from 1976 to 1996. In contrast to previous studies we build a vector error correction model for M3, GNP, an inflation rate and an interest...

Persistent link: https://www.econbiz.de/10009660378

Money and prices : an I(2) analysis for the euro area

Holtemöller, Oliver - 2002

The concept of integrated stochastic processes is widely used in empirical macroeconomics; and cointegration analysis is an important framework to analyze economic time series both in single equation and in system approaches. This framework is not only suited to study the relationships between...

Persistent link: https://www.econbiz.de/10009620770

Comparison of bootstrap confidence intervals for impulse responses of German monetary systems

Benkwitz, Alexander; Lütkepohl, Helmut; Wolters, Jürgen - 1999

It is argued that standard impulse response analysis based on vector autoregressive models has a number of shortcomings. Although the impulse responses are estimated quantities, measures for sampling variability such as confidence intervals are often not provided. If confidence intervals are...

Persistent link: https://www.econbiz.de/10009580485

Money demand in Europe : evidence from the past

Müller-Kademann, Christian; Hahn, Elke - 2000

The conditions under which European monetary policy is likely to be conducted are investigated by means of multi-variate time series modelling using aggregated data of all eleven European Monetary Union member states. A cointegration analysis identifies two stable long-run relationships within a...

Persistent link: https://www.econbiz.de/10009583887

Currency substitution and the stability of the Italian demand for money before the entry into the monetary union, 1972 - 1998

Nielsen, Hannah; Tullio, Giuseppe; Wolters, Jürgen - 2000

A money demand function for M2 is estimated for Italy for the period 1972-1998 within an error correction framework. This period has been characterized by major structural changes in the Italian financial system and by major changes in monetary policy. This study takes these changes into...

Persistent link: https://www.econbiz.de/10009611545

Money growth volatility and the demand for money in Germany : Friedman's volatility hypothesis revisited

Brüggemann, Imke; Nautz, Dieter - 1997

evidence for a velocity-volatility linkage. However the estimation of volatility-augmented money demand functions reveals that …

Persistent link: https://www.econbiz.de/10009632601

Job Reallocation and Productivity Growth under Alternative Economic Systems and Policies: Evidence from the Soviet Transition

Brown, J. David; Earle, John S. - William Davidson Institute, University of Michigan - 2002

Soviet Republics of Russia and Ukraine. Exploiting annual manufacturing census data from 1985 to 2000, we find that Soviet … Russia displayed job flow behavior quite different from market economies, with very low rates of job reallocation that bore … reforming Russia than in “gradualist” Ukraine, as did the estimated effects of privatization and competitive pressures from …

Persistent link: https://www.econbiz.de/10005207903

BANKING REFORM IN RUSSIA: A WINDOW OF OPPORTUNITY?

Chowdhury, Abdur - William Davidson Institute, University of Michigan - 2003

Only a successful implementation of an overall reform program will enable Russian banks to provide financial intermediation and assist in the country's development from a nascent market economy to a mature financial system. The chances for reform are better now than at any time during the last...

Persistent link: https://www.econbiz.de/10005207904

The Effect of Privatization on the Wealth Distribution in Russia

Alexeev, Michael - William Davidson Institute, University of Michigan - 1997

implications constitutes the main contribution of the paper. The effect of wealth redistribution on economic growth in Russia is …

Persistent link: https://www.econbiz.de/10005677391

Russian Roulette- Expenditure Inequality and Instability in Russia, 1994-1998

Jovanovic, Brando - William Davidson Institute, University of Michigan - 2000

expenditure inequality and instability in Russia between the autumn of 1994 and the autumn of 1998. The expenditure distribution … is stable in spite of the economic and political turmoil Russia is going through. However, that does not imply much …

Persistent link: https://www.econbiz.de/10005677424