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Heterogeneity in money holdings across euro area countries : the role of housing

Setzer, Ralph; Noord, Paul Joseph van den; Wolff, Guntram B. - 2010

inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution … and higher user costs of housing are both associated with larger money holdings. Country-specific money holdings are also … connected with structural features of the housing market. …

Persistent link: https://www.econbiz.de/10010208778

A Non-Linearity in the Inflation-Growth Effect

Gillman, Max; Kejak, Michal - 2001

The paper shows how increases in the inflation rate can cause the output growth rate to decrease by a lessor amount as the inflation rate rises. This is the so-called non-linearity in the inflation-growth effect. Our explanation helps show how model-based estimates of the inflation-growth effect...

Persistent link: https://www.econbiz.de/10014139687

Money Demand in a Banking Time Economy

Gillman, Max; Otto, Glenn D. - 2008

The paper presents a theory of the demand for money that combines a special case of the shopping time exchange economy with the cash-in-advance framework. The model predicts that both higher inflation and financial innovation - that reduces the cost of credit - induce agents to substitute away...

Persistent link: https://www.econbiz.de/10014029660

The Quantity Theory of Money and Friedmanian Monetary Policy : An Empirical Investigation

Hillinger, Claude - 2013

We introduce an approach for the empirical study of the quantity theory of money (QTM) that is novel both with respect to the specific steps taken as well as the general methodology employed. Empirical studies of the QTM have focused directly on the relationship between the rate of change of the...

Persistent link: https://www.econbiz.de/10013091422

The (in)stability of money demand in the Euro area

Nautz, Dieter; Rondorf, Ulrike - 2010

The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results...

Persistent link: https://www.econbiz.de/10008664568

The (in)stability of money demand in the Euro Area : lessons from a cross-country analysis

Nautz, Dieter; Rondorf, Ulrike - 2010

Persistent link: https://www.econbiz.de/10003953045

The quantity theory of money and Friedmanian monetary policy : an empirical investigation

Hillinger, Claude; Süssmuth, Bernd; Sunder, Marco - 2012

Persistent link: https://www.econbiz.de/10009508095

Currency substitution : evidence from Nigeria

Doguwa, Sani I. - In: CBN journal of applied statistics 5 (2014) 2, pp. 1-23

This paper examines the existence, causes and effects of currency substitution in Nigeria by estimating conventional money demand equations based on a partial adjustment and an autoregressive distributed lag models using three definitions of monetary aggregates. The behavior of the foreign...

Persistent link: https://www.econbiz.de/10011488762

A microfounded model of money demand under uncertainty, and its empirical validation using cointegration and rolling-window dynamic multiplier analysis

Größl, Ingrid; Tarassow, Artur - 2015

standard results. We estimate both the long- and short-run model dynamics as well as potential time-variation by means of a …

Persistent link: https://www.econbiz.de/10010520781

A microfounded model of money demand under uncertainty, and some empirical evidence

Größl, Ingrid; Tarassow, Artur - 2018

In this article we derive a microfounded model of money demand under uncertainty built on intertemporally optimizing risk-averse households. Deriving a complete solution of the optimization problem taking the intertemporal budget constraint into account where linearization procedures in our...

Persistent link: https://www.econbiz.de/10011790638