Dreger, Christian; Wolters, Jürgen - In: Vierteljahrshefte zur Wirtschaftsforschung 76 (2007) 4, pp. 85-95
Recent econometric studies did not find evidence in favour of a stable long run money demand function. If the link … between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in the ECB strategy has to be … doubted. In contrast to the bulk of the literature, we are able to identify a stable long run standard money demand …