We lay out an empirical and a theoretical model to analyze the effects of non-fundamental exchange rate volatility on … of the conditional exogenous exchange rate volatility on the conditional mean of the endogenous variables in our open … empirically. In the second part, we investigate the effect of non-fundamental exchange rate volatility in a stochastic open …

Among the harmful effects of inflation, the negative consequences of inflation volatility are of particular concern … inflation volatility. Major results are robust for unconditional and conditional inflation volatility, the latter derived from …

This paper estimates the factors underlying the volatility of the euro overnight interest rate and its transmission …'s operational framework for monetary policy implementation. Strong persistence is detected in all log-volatility processes and and …. the second factor explains the transmission of volatility along the money market yield curve. We find evidence that most …

Based on a literature review, this paper investigates the reasons why broad money demand has usually been found to be … this fact. First, in some countries outside the euro area the sources of instabilities in money demand were country …-specific. Second, financial innovation appears to have had a weaker impact on money demand in the euro area than in other economies. A …

This paper re-examines two data issues concerning euro area money demand: aggregation of national data and measurement … of the own rate.The main purpose is to study if euro area money demand is subject to parameter non-constancies using … cointegration space is constant over time.H owever, the interest rate semi-elasticities of money demand are imprecisely estimated …

In this paper we present an empirically stable money demand model for Euro area M3. We show that housing wealth is an … important explanatory variable of long-run money demand that captures the trending behaviour of M3 velocity, in particular its … money demand model …