analysis ; monetary policy ; money demand ; structural vector error correction model …

The recent financial crisis deeply affected the money market yield curve and thus, potentially, the proper functioning … in steering euro area money market rates using two measures: first, the predictability of money market rates on the basis … of monetary policy expectations, and second the impact of extraordinary central bank measures on money market rates. We …

The financial crisis has deeply affected money markets and thus, potentially, the proper functioning of the interest … area money market rates looking at, first, the predictability of money market rates on the basis of monetary policy … expectations, and second the impact of extraordinary central bank measures on money market rates. We find that during the crisis …

quantity of money and or excess money can be used to forecast inflation. After a preliminary data analysis, money demand … relations are specified, estimated and tested. Then, employing error correction models, measures of excess money are derived … money is generally a better predictor than the quantity of money. Taking into account also the most (available) recent …

This paper examines the relevance of the Lucas critique for euro area money demand. Based on the money in the utility … function approach, a vector error correction model is specified to investigate the relationship between money and inflation in … times of policy shifts. A well defined equation for money demand is obtained. The results indicate that the evolution of M3 …

Recent empirical studies have found evidence of unstable long run money demand functions if recent data are used. If … the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in the ECB strategy … has to be doubted. In contrast we present a "stable'' long run money demand relationship for M3 for the period 1983 …

Monetary growth in the euro area has exceeded its target since several years. At the same time, the money demand … function seems to be increasingly unstable if more recent data are used. If the link between money balances and the … of money demand. This presumption is explored by means of a cointegration analysis. To separate income from wealth …