analysis ; monetary policy ; money demand ; structural vector error correction model …

rate and shows the interaction of the main variables of the monetary sector. Monetary Policy, Money Demand, Structural …

quantity of money and or excess money can be used to forecast inflation. After a preliminary data analysis, money demand … relations are specified, estimated and tested. Then, employing error correction models, measures of excess money are derived … money is generally a better predictor than the quantity of money. Taking into account also the most (available) recent …

quantity of money and or excess money can be used to forecast inflation. After a preliminary data analysis, money demand … relations are specified, estimated and tested. Then, employing error correction models, measures of excess money are derived … money is generally a better predictor than the quantity of money. Taking into account also the most (available) recent …

This paper explores the stability of the relation between money demand for M3 and inflation in the euro area by … prices are allowed to enter the long run relationship. By restricting the cointegrating space, equations for money and … inflation are identified. The results indicate that the equilibrium evolution of M3 is still in line with money demand. In the …

Recent empirical studies have found evidence of unstable long run money demand functions if recent data are used. 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 we present a "stable'' long run money demand relationship for M3 for the period 1983 …

Monetary growth in the euro area has exceeded its target since several years. At the same time, the money demand … function seems to be increasingly unstable if more recent data are used. If the link between money balances and the … of money demand. This presumption is explored by means of a cointegration analysis. To separate income from wealth …

A money demand function for M2 is estimated for Italy for the period 1972-1998 within an error correction framework … Germany is incorporated into the model. By accounting for structural breaks and currency substitution a stable money demand … function can be found. -- Money demand ; error correction model ; structural changes …