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The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results...
Persistent link: https://www.econbiz.de/10008664568
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applied for this purpose in previous studies. -- ARDL model ; cointegration ; euro area ; financial crisis ; money demand …
Persistent link: https://www.econbiz.de/10003939738
impact on the cointegration properties in empirical modelling, the monetary model in Coenen &Vega (2001) based on fixed … the choice of aggregation method. - Aggregation ; Flexible weights ; Eurowide money demand ; Cointegration …
Persistent link: https://www.econbiz.de/10003970393
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The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results...
Persistent link: https://www.econbiz.de/10003953045
Persistent link: https://www.econbiz.de/10003990990