A stable model for euro area money demand

In this paper we present an empirically stable money demand model for Euro area M3. We show that housing wealth is an important explanatory variable of long-run money demand that captures the trending behaviour of M3 velocity, in particular its shift in the first half of this decade. We show that the current financial crisis has no impact on the stability of our money demand model

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Alternative title:	revisiting the role of wealth
Year of publication:	2009-11-01
Authors:	Beyer, Andreas
Publisher:	European Central Bank
Subject:	Geldpolitik \| Monetary Policy \| Zentralbank \| Central Bank

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Extent:	1286144 bytes 62 p. application/pdf
Series:	Working paper series / European Central Bank ; 1111
Type of publication:	Book / Working Paper
Language:	English
Classification:	C22 - Time-Series Models ; C32 - Time-Series Models ; E41 - Demand for Money ; Currency. Monetary policy ; Individual Working Papers, Preprints
Source:	ArchiDok

Persistent link: https://www.econbiz.de/10009640468