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Money demand in Europe: Evidence from the past

Hahn, Elke; Müller, Christian - 2000

The conditions under which European monetary policy is likely to be conducted are investigated by means of multi-variate time series modelling using aggregated data of all eleven European Monetary Union member states. A cointegration analysis identifies two stable long-run relationships, one of...

Persistent link: https://www.econbiz.de/10010324213

Estimating a European demand for money

Hayo, Bernd - 1998

Persistent link: https://www.econbiz.de/10000684217

Euro area money demand and international portfolio allocation: a contribution to assessing risks to price stability

De Santis, Roberto A.; Favero, Carlo A.; Roffia, Barbara - 2008

The long-run relationship between money and prices in the euro area embedded in traditional money demand models with … equilibria for the euro area and the US financial markets. Steady state equilibrium of nominal M3 growth is estimated to be about … 7% in 2007 with large standard errors mainly due to uncertainty in asset prices. The gap between actual euro area M3 …

Persistent link: https://www.econbiz.de/10011604972

Money demand and macroeconomic stability revisited

Schabert, Andreas (contributor); … - 2005

This paper examines how money demand induced real balance effects contribute to the determination of the price level, as suggested by Patinkin (1949,1965), and if they affect conditions for local equilibrium uniqueness and stability. There exists a unique price level sequence that is consistent...

Persistent link: https://www.econbiz.de/10003049783

Estimating a European Demand for Money

Hayo, Bernd - 1999

). One of the major problems is related to the uncertainty about economic relationships within the euro area. The monetary …

Persistent link: https://www.econbiz.de/10014185337

Estimating a European Demand for Money

Hayo, Bernd - 1999

European Monetary Union will come into existence in 1999. This raises questions related to the monetary policy targets that will be adopted by the European Central Bank (ECB). For both likely candidates, targeting a money aggregate or an inflation target, the existence of a stable money demand...

Persistent link: https://www.econbiz.de/10014187757

Asset Exchanges and the Transactions Demand for Money, 1919-1929

Field, Alexander J. - 2009

This paper addresses a general theoretical question - the appropriate specification of the transactions demand for money - as well as a particular historical question: what triggered the Great Depression? Theoretically, fluctuations in the volume and value of asset exchanges in secondary asset...

Persistent link: https://www.econbiz.de/10014047689

Broad Money Demand and Monetary Policy in Tunisia

Treichel, Volker - 1998

The development of empirical foundations to the conduct of monetary policy in Tunisia is the central concern of this paper. Finding stable money demand functions for M2 and for M4, it concludes that monetary aggregates are an appropriate intermediate target of monetary policy in Tunisia and...

Persistent link: https://www.econbiz.de/10014050802

Wealth and the Demand for Money in the European Union

Fase, Martin M. G.; Winder, Carlo C. A. - 1999

This study presents the results of an empirical analysis of the demand for money in the European Union as a whole over the period 1971-1995, with a particular focus on the impact of financial wealth. The empirical evidence shows a substantial impact of wealth on the demand for M2 and M3, whereas...

Persistent link: https://www.econbiz.de/10014215582

Inflation and Unemployment in the Long Run

Berentsen, Aleksander; Menzio, Guido; Wright, Randall D. - 2008

We study the long-run relation between money, measured by inflation or interest rates, and unemployment. We first discuss data, documenting a strong positive relation between the variables at low frequencies. We then develop a framework where both money and unemployment are modeled using...

Persistent link: https://www.econbiz.de/10014219341