Carstensen, Kai; Hagen, Jan; Hossfeld, Oliver; Salazar … - 2008
In this paper we analyze the money demand functions of the four largest EMU countries and of the four-country (EMU-4 …) aggregate. We identify reasonable and stable money demand relationships for Germany, France and Spain as well as the EMU-4 … aggregate. For the case of Italy, results are less clear. From the estimated money demand functions, we derive both EMU-4 and …