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Inflation, Money Demand and Portfolio Choice
Aoki, Kosuke - 2020
lower levels of wealth. We quantify how changingcorrelations between inflation, real bond and stock returns, and changes … inthe inflation process affect household portfolios. Higher mean inflationincreases stock market participation, while … portfolios shift to bonds andstocks, and away from money. A negative inflation-bond return correlation,or a positive stock …
Persistent link: https://www.econbiz.de/10012855825
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Euro area money demand : empirical evidence on the role of equity and labour markets
Bondt, Gabe J. de - 2009
This study presents empirical evidence on the long-run motives for holding euro area money by focusing on the role of equity and labour markets. Equity positively affects money demand through wealth effects, as equities are a significant store of household wealth and thus part of a financial...
Persistent link: https://www.econbiz.de/10003963754
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Demand for Financial Assets and Monetary Policy : A Restatement of the Liquidity Preference Theory and the Speculative Demand for Money
Rezende, Felipe - 2015
Keynes implicitly used the concept of duration to analyze the impacts of expected changes in the price of a perpetual bond and coupon payments that led to his “square rule.” Keynes's result (“square rule”), derived from the breakeven condition, was just a simplification to illustrate the...
Persistent link: https://www.econbiz.de/10013014332
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Issues in stability of European money demand : adjustment speed versus error variance
Läufer, Nikolaus - 1997
The current discussion about stability of the European money demand function is flawed by a confusion of two different concepts of stability (adjustment speed versus error variance). The meaning and importance of the underlying notions of stability is clarified. It is demonstrated that necessary...
Persistent link: https://www.econbiz.de/10009755225
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Re-vitalizing money demand in the euro area : still valid at the zero lower bound
Dreger, Christian; Gerdesmeier, Dieter; Roffia, Barbara - 2016
inflation pressure at the end of the sample. Excess liquidity models turnout to outperform the autoregressive benchmark, as they …
Persistent link: https://www.econbiz.de/10011532681
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Liquidity preference and information
Kapur, Sandeep - 2010
This paper explores the link between anticipated information and a preference for liquidity in investment choices. Given a subjective ordering of investment portfolios by their liquidity, we identify a sufficient condition under which the prospect of finer resolution of uncertainty creates a...
Persistent link: https://www.econbiz.de/10003946894
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Futures and Money Demand : A Portfolio Allocation Model
Oldani, Chiara - 2006
The modern theory on money demand incorporates the evolution of financial markets behaviour, and then of households' allocation and preferences in different fashions; innovation in money demand can be considered as an increasing number of liquid assets between which to choose, considering money...
Persistent link: https://www.econbiz.de/10014057163
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Markets Do Not Select for a Liquidity Preference as Behavior Towards Risk
Hens, Thorsten; Schenk-Hoppé, Klaus Reiner - 2003
Tobin (1958) has argued that in the face of potential capital losses on bonds it is reasonable to hold cash as a means to transfer wealth over time. It is shown that this assertion cannot be sustained taking into account the evolution of wealth of cash holders versus non cash holders. Cash...
Persistent link: https://www.econbiz.de/10014032025
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Euro area money demand and international portfolio allocation : a contribution to assessing risks to price stability
De Santis, Roberto A. (contributor);  … - 2008
euro area M3 growth and model-based fitted or predicted values helps forecast euro area inflation. …
Persistent link: https://www.econbiz.de/10003789419
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A Portfolio Demand Approach for Broad Money in the Euro Area
Jung, Alexander - 2016
The aim of the paper is to reassess the issue of money demand stability by estimating a portfolio demand approach for broad money M3 in the euro area covering the sample 1999 to 2013. The question is relevant, since in view of the massive shocks observed since the start of the financial crisis...
Persistent link: https://www.econbiz.de/10012987468