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Brand, Claus; Cassola, Nuno - 2000

In order to assess the importance of monetary and financial developments for key macroeconomic variables in the euro area a money demand system for M3 is estimated adopting a structural cointegrating VAR approach. While maintaining a good statistical representation of the data, long-run...

Persistent link: https://www.econbiz.de/10011604085

Is the demand for euro area M3 stable?

Warne, Anders; Bruggeman, Annick; Donati, Paola - 2003

Persistent link: https://www.econbiz.de/10011604301

Why has broad money demand been more stable in the euro area than in other economies? A literature review

Calza, Alessandro; Sousa, João - 2003

Persistent link: https://www.econbiz.de/10011604307

Sectoral money demand models for the euro area based on a common set of determinants

von Landesberger, Julian - 2007

Empirical money demand analysis undertaken at the aggregate level may obscure behavioural differences between the financial, non-financial corporation and household sectors. Looking at the individual and more homogenous sectors may allow more clearly interpretable empirical relationships between...

Persistent link: https://www.econbiz.de/10011604787

Household money holdings in the euro area: An explorative investigation

Seitz, Franz; von Landesberger, Julian - 2010

In this paper we analyse household holdings of the broad monetary aggregate M3 in the euro area from 1991 until 2009. We develop four models, two in nominal, two in real terms, with satisfactory economic and statistical properties. The main determinants are a transactions variable, wealth...

Persistent link: https://www.econbiz.de/10011605284

Explaining the money demand of non-financial corporations in the Euro area: A macro and a micro view

Martinez-Carrascal, Carmen; von Landesberger, Julian - 2010

This paper analyses euro area non-financial corporations (NFC) money demand, both from a macro and a microeconomic point of view. At a macro level, money holdings are modelled as a function of real gross added value, the price level, the long-term interest rate on bank lending to non-financial...

Persistent link: https://www.econbiz.de/10011605303

A new model for money demand in Denmark: Money demand in a negative interest rate environment

Hensch, Jonas Ladegaard - 2019

Within a cointegrated VAR framework I show that the traditional money-demand relation, determined by a transaction effect and the opportunity cost of holding money, can no longer explain the recent development of monetary aggregates in Denmark. Instead, I argue that the introduction of housing...

Persistent link: https://www.econbiz.de/10012059483

Household Money Demand: The Euro Area Case

Seitz, Franz; von Landesberger, Julian - In: Swiss Journal of Economics and Statistics 148 (2012) 3, pp. 409-438

In this paper we analyse household holdings of the monetary aggregate M3 in the euro area from 1991 until 2009. We develop a nominal model with satisfactory economic and statistical properties. The main determinants are a transactions variable, wealth considerations, opportunity costs and...

Persistent link: https://www.econbiz.de/10011933289

Estimating and Restricting Growth Rates and Cointegration Means With Applications to Consumption and Money Demand

Hungnes, Håvard - 2001

The parameters in the cointegration vector and the loading parameters are not the only interesting parameters in a … vector cointegration model. With a reformulation of the model the intercept parameters can be decomposed into growth … parameters and cointegration mean parameters. These parameters have economic interpretations and are therefore also important. We …

Persistent link: https://www.econbiz.de/10011968079

Expected Money Growth, Markov Trends and the Instability of Money Demand in the Euro Area

Kaufmann, Sylvia; Kugler, Peter - 2006

with a switching intercept term. Of course, this likely leads to a rejection of cointegration by standard tests and to the …

Persistent link: https://www.econbiz.de/10013370048