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M3 money demand and excess liquidity in the euro area

Dreger, Christian; Wolters, Jürgen - 2010

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''...

Persistent link: https://www.econbiz.de/10011518878

Money velocity and asset prices in the euro area

Dreger, Christian; Wolters, Jürgen - 2009

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 macroeconomy is fragile, the rationale of monetary aggregates in...

Persistent link: https://www.econbiz.de/10011518893

M3 money demand and excess liquidity in the euro area

Dreger, Christian; Wolters, Jürgen - 2008

Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find evidence in favour of a stable long run money demand function. The equation appears to be increasingly unstable if more recent data are used. If the link between money balances and...

Persistent link: https://www.econbiz.de/10011384239

Money velocity and asset prices in the euro area

Dreger, Christian; Wolters, Jürgen - 2008

Persistent link: https://www.econbiz.de/10011384244

Liquidity and asset prices : how strong are the linkages?

Dreger, Christian; Wolters, Jürgen - 2009

The appropriate design of monetary policy in integrated financial markets is one of the most challenging areas for central banks. One hot topic is whether the rise in liquidity in recent years has contributed to the formation of price bubbles in asset markets. If strong linkages exist, the...

Persistent link: https://www.econbiz.de/10011389101

How do financial cycles interact? : evidence from the US and the UK

Strohsal, Till; Proaño Acosta, Christian; Wolters, Jürgen - 2015

Are financial cycles an international phenomenon, and, if so, how do financial cycles interact? This letter provides new evidence for the US and the UK. Considering the properties of the data in both the time and the frequency domains, we find a strong relation between the financial cycles of...

Persistent link: https://www.econbiz.de/10010529345

Liquidity and asset prices: how strong are the linkages?

Dreger, Christian; Wolters, Jürgen - 2009

Persistent link: https://www.econbiz.de/10010291772

Geldpolitik und Vermögensmärkte

Dreger, Christian; Wolters, Jürgen - In: Vierteljahrshefte zur Wirtschaftsforschung 78 (2009) 1, pp. 56-65

. Andererseits wäre im Fall steigender Vermögenspreise eine restriktivere Geldpolitik erforderlich, die die Dynamik von Produktion … die USA, den Euroraum, Japan und Großbritannien spezifiziert. Während die Geldpolitik keinen Einfluss auf die Entwicklung … eine restriktivere Geldpolitik bei nicht fundamental begründeten Preissteigerungen tatsächlich dämpfend auf die Entwicklung …

Persistent link: https://www.econbiz.de/10010377866

The transmission of German monetary policy in the pre-Euro period

Lütkepohl, Helmut; Wolters, Jürgen - 2001

A small macroeconomic model is constructed to study the transmission of the monetary policy conducted by the Deutsche Bundesbank (DBB) since the middle of the 1970s. For this purpose quarterly, seasonally unadjusted data for the period from 1975 to 1998 are used, that is, the period until the...

Persistent link: https://www.econbiz.de/10011400913

Characterizing the Financial Cycle : Evidence from a Frequency Domain Analysis

Strohsal, Till - 2016

A growing body of literature argues that the financial cycle is considerably longer in duration and larger in amplitude than the business cycle and that its distinguishing features became more pronounced over time. This paper proposes an empirical approach suitable to test these hypotheses. We...

Persistent link: https://www.econbiz.de/10012988685