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Multilateral Aggregation-Theoretic Monetary Aggregation over Heterogeneous Countries
Barnett, William A. - EconWPA - 2004
We derive fundamental new theory for measuring monetary service flows aggregated over countries within a multicountry economic union. We develop three increasingly restrictive approaches: (1) the heterogeneous agents approach, (2) the multilateral representative agent approach, and (3) the...
Persistent link: https://www.econbiz.de/10005412714
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Aggregation-Theoretic Monetary Aggregation over the Euro Area, when Countries are Heterogeneous
Barnett, William A. - EconWPA - 2003
We derive fundamental new theory for measuring monetary service flows aggregated over countries within the European Monetary Union (EMU). We develop three increasingly restrictive approaches: (1) the heterogeneous agents approach, (2) the multilateral representative agent approach, and (3) the...
Persistent link: https://www.econbiz.de/10005412834
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Money demand in the euro area: new insights from disaggregated data
Setzer, Ralph; Wolff, Guntram B. - Volkswirtschaftliche Fakultät, … - 2009
Conventional money demand specifications in the euro area have become unstable since 2001. We specify a money demand equation in deviations of individual euro area Member States variables from the euro area average and show that the income elasticity as well as the interest rate semi-elasticity...
Persistent link: https://www.econbiz.de/10008528745
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Heterogeneity in money holdings across euro area countries: The role of housing
Setzer, Ralph; van den Noord, Paul; Wolff, Guntram B. - Deutsche Bundesbank - 2010
In this paper we examine why monetary aggregates of euro area Member States have developed differently since the 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...
Persistent link: https://www.econbiz.de/10008509091
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Is Euro Area Money Demand (Still) Stable? Cointegrated VAR Versus Single Equation Techniques
Belke, Ansgar; Czudaj, Robert - In: Applied Economics Quarterly (formerly: Konjunkturpolitik) 56 (2010) 4, pp. 285-315
In this paper we present an empirically stable euro area money demand model. Using a sample period until 2009:2 shows that the current financial and economic crisis that started in 2007 does not appear to have any noticeable impact on the stability of the euro area money demand function. We also...
Persistent link: https://www.econbiz.de/10010567107
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Heterogeneity in money holdings across euro area countries: The role of housing
Setzer, Ralph; van den Noord, Paul; Wolff, Guntram B. - In: European Journal of Political Economy 27 (2011) 4, pp. 764-780
In this paper we examine why monetary aggregates of euro area Member States have developed differently since the 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...
Persistent link: https://www.econbiz.de/10010574387
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Monetary aggregates to improve early output gap estimates in the euro area - an empirical assessment
Boysen-Hogrefe, Jens - Institut für Weltwirtschaft (IfW) - 2014
Output gap estimates at the current edge are subject to severe revisions. This study analyzes whether monetary aggregates can be used to improve the reliability of early output gap estimates as proposed by several theoretical models. A real-time experiment shows that real M1 can improve output...
Persistent link: https://www.econbiz.de/10010886924
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China and the Reserve Currency Question
Ryan, John - Volkswirtschaftliche Fakultät, … - 2009
China’s concern about its U.S. Dollar reserves is being amplified by the low returns of some of China’ investments in the U.S. which leads to a broader concern about how the current reserve system basically entails China lending to the U.S. at very low interest rates. A two-currency reserve...
Persistent link: https://www.econbiz.de/10008567957
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United Kingdom Euro Scenarios Assessed
Ryan, John - Dipartimento di Economia, Università Ca' Foscari Venezia - 2009
Eurozone? Especially in view of the European Central Bank's improved reputation as a crisis manager in the wake of the …, No UK entry and I will discuss the Eurozone view on UK membership. …
Persistent link: https://www.econbiz.de/10009643867
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Is the Eurozone not a monetary union, but an extraordinary exchange rate union?
Sauer, Beate; Sell, Friedrich L. - Fakultät für Wirtschafts- und … - 2013
The Target imbalances within the Eurozone can be interpreted as a sign of a missing balance of payments adjustment … mechanism for the member countries. As the Eurozone lacks a fiscal union, in economic theory it is more an exchange rate union … payments, but only one for the whole Eurozone. This paper will show why the Target System is a crucial indicator for the …
Persistent link: https://www.econbiz.de/10010956805