Setzer, Ralph; van den Noord, Paul; Wolff, Guntram B. - In: European Journal of Political Economy 27 (2011) 4, pp. 764-780
In this paper we examine why monetary aggregates of euro area Member States have developed differently since the inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution effects on real money holdings. Empirically, we show...