ambiguous effects w.r.t. to the impact of capital market risk as well as inflation risk, which is due to the interplay of … response to positive changes in inflation risk and capital market risk, respectively, with both effects lasting permanently. …In this article we derive a microfounded model of money demand under uncertainty built on intertemporally optimizing …

elasticity of money demand after 2001 is taken into account. Measures of excess liquidity do not show significant inflation …

of money demand. This presumption is explored by means of a cointegration analysis. To separate income from wealth …

) estimation methods. To obtain the result, the short run homogeneity restriction between money and prices is relaxed. In addition … coins and banknotes. The monetary overhang and the real money gap do not indicate significant inflation pressures. The …

of money demand. This presumption is explored by means of a cointegration analysis. To separate income from wealth …

is constructed for the German monetary sector based on M3, GNP, an inflation rate, a long-term interest rate and a short …-term rate which represents the policy variable of the DBB. Moreover, import price inflation is included as an exogenous variable …

cointegration and including a ratchet variable in the estimated Autoregressive Distributed Lag (ARDL) model. Empirical results show … that factors such as exchange rate risks, expected exchange rate depreciation, exchange rate spread, inflation expectations …

In this study we construct a measure of macroeconomic uncertainty from several observable …

doing so, it introduces and uses the monetary policy uncertainty (MPU) index, which can probably be a very appropriate and … studies that use conventional uncertainty-based independent variables. Empirical findings of both models indicate that changes …