Kugler, Peter; Kaufmann, Sylvia - Oesterreichische Nationalbank - 2006
This paper analyzes the recently documented instability of money demand in the euro area in the framework of a Markov … dynamics is estimated with Bayesian methods for euro area data from 1975-2003. This exercise provides support for our model and … a stable demand for M3 in the euro area. JEL classification: C11, C32, E41 …