inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution … effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only … by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices …

monetary aggregates to a one-off monetary policy shock. We find that - as theory suggests - money growth is dampened by a … caused by the rise in the short-term interest rate. This has consequences for the interpretation of money growth as an input …

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central … contributions to research on monetary policy in the last two decades. Of course, if one allows for a direct effect of money on …

), which loses value on a predetermined timescale. This loss of value is intended to encourage the money owners to spend their … money quickly in order to boost local demand. The paper shows that the issuance of unofficial parallel currencies is not a …

bei einer Änderung ihres Ziels für den Federal Funds Satz den Druck am Geld-Markt über Offenmarktgeschäfte erhöht oder …