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Recent empirical studies have found evidence of unstable long run money demand functions if recent data are used. If the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in the ECB strategy has to be doubted. In contrast we present a "stable''...
Persistent link: https://www.econbiz.de/10011518878
Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find …, a rise in the income elasticity after 2001 is taken into account. The break might be linked to the introduction of euro …
Persistent link: https://www.econbiz.de/10011384239
In this paper, an empirically stable money demand model for M3 in the euro area is constructed. Starting with a …
Persistent link: https://www.econbiz.de/10013320329
In this paper, different Divisia monetary aggregates for the euro area are constructedIn dieser Studie werden …
Persistent link: https://www.econbiz.de/10012991275
The paper finds evidence of non-linearities in the dynamics of the euro-area demand for the narrow aggregate M1. A long …
Persistent link: https://www.econbiz.de/10012722788
This paper investigates possible non-linearities in the dynamics of the euro area demand for the narrow aggregate M1. A …
Persistent link: https://www.econbiz.de/10013317661
In this paper, different Divisia monetary aggregates for the euro area are constructed over the period from 1980 to … should have an important role in the conduct of monetary policy in the euro area. …
Persistent link: https://www.econbiz.de/10001673481
In this paper, different Divisia monetary aggregates for the euro area are constructed over the period from 1980 to … should have an important role in the conduct of monetary policy in the euro area. … es erhebliche Kontrollfehler. Zusammenfassend unterstützt die Studie die Auffassung, dass die Geldmenge eine wichtige …
Persistent link: https://www.econbiz.de/10011431510
Monetary growth in the euro area has exceeded its target since several years. At the same time, the money demand …
Persistent link: https://www.econbiz.de/10011518893
Monetary growth in the euro area has exceeded its target since several years. At the same time, the money demand …
Persistent link: https://www.econbiz.de/10011384244