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Instabile Geldnachfrage im Euroraum?
Dreger, Christian; Wolters, Jürgen - In: Vierteljahrshefte zur Wirtschaftsforschung 76 (2007) 4, pp. 85-95
Ökonometrische Studien weisen zunehmend auf Instabilitäten in der Geldnachfrage hin. Ein solcher Befund stellt die … einer Standardspezifikation der Geldnachfrage durchaus gerechtfertigt werden kann. Wesentlich für dieses Ergebnis ist die …
Persistent link: https://www.econbiz.de/10010377814
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M3 Money Demand and Excess Liquidity in the Euro Area
Dreger, Christian; Wolters, Jürgen - In: Public Choice 144 (2010) 3, pp. 459-472
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/10011514477
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Money Velocity and Asset Prices in the Euro Area
Dreger, Christian; Wolters, Jürgen - In: Empirica 36 (2009) 1, pp. 51-63
Monetary growth in the euro area has exceeded its target since several years. At the same time, the money demand function seems to be increasingly unstable if more recent data are used. If the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in...
Persistent link: https://www.econbiz.de/10011514842
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Monetary Instability, Lack of Integration, and the Curse of a Commodity Money Standard. The German Lands, c.1400–1900 A. D.
Rössner, Philipp Robinson - In: Credit and Capital Markets – Kredit und Kapital 47 (2014) 2, pp. 297-340
Currency debasement, defined as a loss of precious metal content (intrinsic value) of the circulating penny currencies over time, was a common feature in the monetary history of Europe, c. 1400–1900. Over the centuries the loss rate was sustained; between 1400 and 1900 A. D. the (south) German...
Persistent link: https://www.econbiz.de/10014521702
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On the Empirical Relevance of the Lucas Critique: the Case of Euro Area Money Demand
Dreger, Christian; Wolters, Jürgen - In: Empirica 43 (2016) 1, pp. 61-82
This paper examines the relevance of the Lucas critique for euro area money demand. Based on the money in the utility function approach, a vector error correction model is specified to investigate the relationship between money and inflation in times of policy shifts. A well defined equation for...
Persistent link: https://www.econbiz.de/10011646098
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Hat die Finanzkrise zu einer instabilen Geldnachfrage geführt?
Dreger, Christian; Wolters, Jürgen - In: Vierteljahrshefte zur Wirtschaftsforschung 79 (2010) 4, pp. 135-145
Eine stabile Geldnachfrage ist eine Grundvoraussetzung für eine erfolgreiche Geldpolitik der Europäischen Zentralbank … (EZB). In diesem Beitrag wird untersucht, ob die Geldnachfrage im Euroraum auch im Laufe der Finanzkrise die Bedingung der … Stabilität erfüllt. Die Ergebnisse zeigen, dass die Entwicklung der Geldmenge M3 auch während der Finanzkrise in Einklang mit den …
Persistent link: https://www.econbiz.de/10010377953
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Demand for Reserves and the Central Bank's Management of Interest Rates
Kraenzlin, Sébastien; Schlegel, Martin - In: Swiss Journal of Economics and Statistics 148 (2012) 4, pp. 531-555
The implementation of monetary policy is prevalently done by interest rate targeting with a short term market rate serving as operational target. The instruments for achieving the operational target are the provision of reserves and the interest rate charged in these transactions. This paper...
Persistent link: https://www.econbiz.de/10011933294
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Asymmetric impact of exchange rate changes on money demand in Malaysia
El-Rasheed, Shehu - In: Contemporary Economics 16 (2022) 3, pp. 317-328
The relationship between exchange rate and money demand has long been debated among macroeconomists due to its impact on the stability of money demand and monetary policy. Following the significant depreciation in the currency exchange associated with the political instability in Malaysia in...
Persistent link: https://www.econbiz.de/10014544446
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Monetary Targeting
Krušković, Borivoje D.; Maričić, Tina - In: Journal of Central Banking Theory and Practice 4 (2015) 3, pp. 137-146
In this paper we test the existence of long-term relationship between money supply and inflation, money supply and GDP and money supply and unemployment. Three independent panel cointegration regressions are evaluated where money supply is the explanatory variable, while inflation, GDP and...
Persistent link: https://www.econbiz.de/10012217816
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Money and inflation in Switzerland
Kugler, Peter; Reynard, Samuel - In: Swiss Journal of Economics and Statistics 158 (2022) 1, pp. 1-13
This paper characterizes the relationship between monetary aggregates, inflation and economic activity in Switzerland since the mid-1970s. Traditional forms of money demand and quantity theory relationships have remained stable over the whole period. Broad money excesses over trend values,...
Persistent link: https://www.econbiz.de/10013205818