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On the Stability of Euro Area Money Demand and its Implications for Monetary Policy

Barigozzi, Matteo - 2017

We employ a recent time-varying cointegration test to revisit the usefulness of long-run money demand equations for the ECB, addressing the issue of their instability by means of a model evaluation exercise. Building on the results, we make a twofold contribution. First, we propose a novel...

Persistent link: https://www.econbiz.de/10012976561

On the stability of Euro area money demand and its implications for monetary policy

Barigozzi, Matteo; Conti, Antonio M. - 2013

We revisit the usefulness of long-run money demand equations for the European Central Bank. We first conduct a model evaluation exercise by means of a recent time-varying cointegration test. A stable relation for euro area M3 is not rejected by data only when accounting for both a speculative...

Persistent link: https://www.econbiz.de/10009736235

Are Money and Consumption Additively Separable in the Euro Area? A Non-Parametric Approach

Jones, Barry E.; Stracca, Livio - 2021

We propose a numerical test of the non-parametric conditions for additive separability between consumption and real money balances, building on Varian (1983). If additive separability is rejected, then real balances enter into the theoretical IS curve. We test whether or not monetary assets and...

Persistent link: https://www.econbiz.de/10013317310

Uneinheitliche Signale: Zentralbankunabhängigkeit und koordinierte Lohnaushandlung in der Europäischen Währungsunion

Hall, Peter A.; Franzese, Robert J. <jr.> - In: Die politische Ökonomie der europäischen Integration, (pp. 369-405). 2008

Persistent link: https://www.econbiz.de/10003780834

German and the rest of euro area fiscal policy during the crisis

Gadatsch, Niklas; Hauzenberger, Klemens; Stähler, Nikolai - 2015

We present the estimated large-scale three-region DSGE model GEAR picturing Germany, the Euro Area and the Rest of the … present-value multipliers for distinct fiscal instruments, and to assess how discretionary fiscal policy in Germany and the …-on-quarter GDP growth substantially, both in Germany and in the rest of the Euro Area. The main drivers of GDP growth in Europe …