regulations (which led to a deep decline in the money multiplier). However, there are numerous signs in both the real and …

overall monetary policy strategy. In this respect, money demandmodels provide a framework for explaining monetary developments … are at the zero lower bound, the analysis of money stocks become even more importantfor monetary policy. Therefore, this … money balances, income, the long term interest rate and the own rate of M3holdings. The specification appears to be robust …

In this paper, a vector error correction model for Euro area money, prices, output, long-term interest rate and short …-term interest rate with three identified cointegration relations is specified. It is shown that Euro area money and prices can be …. Accordingly, the relation between money, prices and other macroeconomic variables is analyzed in an econometric framework which is …

We employ a recent time-varying cointegration test to revisit the usefulness of long-run money demand equations for the … twofold contribution. First, we propose a novel stable money demand equation relying on two crucial factors: a speculative …

overall monetary policy strategy. In this respect, money demand models provide a framework for explaining monetary … rates are at the zero lower bound, the analysis of money stocks become even more important for monetary policy. Therefore … comprising real money balances, income, the long term interest rate and the own rate of M3 holdings. The specification appears to …

This paper examines the relation between money and housing variables in the euro area and in the US. Our empirical … model is based on a standard money demand relation which is augmented by housing market variables. In doing so, co …-integrated money demand relationships can be established for both the euro area and the US. Furthermore, we find evidence for asset …