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Re-vitalizing money demand in the euro area : still valid at the zero lower bound
Dreger, Christian; Gerdesmeier, Dieter; Roffia, Barbara - 2016
inflation pressure at the end of the sample. Excess liquidity models turnout to outperform the autoregressive benchmark, as they …
Persistent link: https://www.econbiz.de/10011532681
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Money and housing : evidence for the euro area and the US
Greiber, Claus; Setzer, Ralph - 2007
inflation channels, that is, liquidity fuels housing market developments. …
Persistent link: https://www.econbiz.de/10010206407
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A Monetary Vector Error Correction Model of the Euro Area and Implications for Monetary Policy
Holtemöller, Oliver - 2017
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 considered as variables that are integrated of...
Persistent link: https://www.econbiz.de/10012951761
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On the Stability of Euro Area Money Demand and its Implications for Monetary Policy
Barigozzi, Matteo - 2017
for forecasting stock market busts than future inflation. Overall, this evidence points to (i) a possible evolution of the …
Persistent link: https://www.econbiz.de/10012976561
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Re-Vitalizing Money Demand in the Euro Area : Still Valid at the Zero Lower Bound
Dreger, Christian - 2016
to substantial inflation pressure at the end of the sample. Excess liquidity models turnout to outperform the … autoregressive benchmark, as they deliver more accurate CPI inflation forecasts, especially at the longer horizons. The inclusion of …
Persistent link: https://www.econbiz.de/10012983725
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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
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Does Liquidity Matter? Properties of the Synthetic Divisia Monetary Aggregate in the Euro Area
Stracca, Livio - 2021
regards future output and inflation in the euro area is analysed. The outcome of this analysis suggests that the Divisia …
Persistent link: https://www.econbiz.de/10013320276
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Does Liquidity Matter? Properties of a Divisia Monetary Aggregate in the Euro Area
Stracca, Livio - 2004
This paper builds a quarterly Divisia monetary aggregate for the euro area using area-wide data over the sample period from 1980 to 2000, finding two main results. First, it is found that the demand for this monetary aggregate has been well behaved and relatively stable over the last two...
Persistent link: https://www.econbiz.de/10014070671
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Monetary aggregates to improve early output gap estimates in the euro area -- an empirical assessment
Boysen-Hogrefe, Jens - 2014
Output gap estimates at the current edge are subject to severe revisions. This study analyzes whether monetary aggregates can be used to improve the reliability of early output gap estimates as proposed by several theoretical models. A real-time experiment shows that real M1 can improve output...
Persistent link: https://www.econbiz.de/10010248220
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Money Demand and the Role of Monetary Indicators in Forecasting Euro Area Inflation
Dreger, Christian - 2010
This paper examines the forecasting performance of a broad monetary aggregate (M3) in predicting euro area inflation … even in the period of the financial and economic crisis. Monetary indicators are useful to predict inflation at the longer … money and inflation, central banks should implement exit strategies from the current policy path, as soon as the financial …
Persistent link: https://www.econbiz.de/10013137100