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broad money M3 in the euro area covering the sample 1999 to 2013. The question is relevant, since in view of the massive … the main components of euro area M3 are largely stable and can be explained by fundamental factors such as a transaction … in circulation linked to the euro cash changeover and for marketable instruments in an environment of very low interest …
Persistent link: https://www.econbiz.de/10012987468
parameter matrices. The procedure is applied to a money demand system for the euro area and the results are compared to those …
Persistent link: https://www.econbiz.de/10013317369
This paper investigates possible non-linearities in the dynamics of the euro area demand for the narrow aggregate M1. A …
Persistent link: https://www.econbiz.de/10013317661
We estimate the shoe-leather costs of inflation in the euro area using monetary data adjusted for holdings of euro … anticipated inflation. We conclude that, despite the increased circulation of euro banknotes abroad, in the euro area the …
Persistent link: https://www.econbiz.de/10013019615
theoretical IS curve. We test whether or not monetary assets and consumption are additively separable for the euro area using …
Persistent link: https://www.econbiz.de/10013317310
Narrow and broad money measures (including Divisia aggregates) have been found to have explanatory power for UK output in backward-looking specifications of the IS curve. In this paper, we explore whether or not real balances enter into a forward-looking IS curve for the UK, building on the...
Persistent link: https://www.econbiz.de/10013316527
theoretical IS curve. We test whether or not monetary assets and consumption are additively separable for the euro area using …
Persistent link: https://www.econbiz.de/10011604750
Narrow and broad money measures (including Divisia aggregates) have been found to have explanatory power for UK output in backward-looking specifications of the IS curve. In this paper, we explore whether or not real balances enter into a forward-looking IS curve for the UK, building on the...
Persistent link: https://www.econbiz.de/10011604950
This paper analyses euro area non-financial corporations (NFC) money demand, both from a macro and a microeconomic …
Persistent link: https://www.econbiz.de/10013137587
Beyer, Doornik and Hendry (2000, 2001) show analytically that three out of four aggregation methods yield problematic results when exchange rate shifts induce relative-price changes between individual countries and found the least problematic method to be the variable weight method of growth...
Persistent link: https://www.econbiz.de/10013149066