This paper provides estimates of the demand for both narrow and broad monetary aggregates for the five largest industrial countries using two recent approaches: buffer stock and error correction models. The performances of these models are compared with several versions of the conventional...

As part of its monetary policy strategy, the European Central Bank has formulated a reference value for M3 growth. A pre-requisite for the use of a reference value for M3 growth is the existence of a stable demand function for that aggregate. However, a large empirical literature has emerged...

Untersucht wird, ob in der südafrikanischen Wirtschaft die Voraussetzungen für eine erfolgreiche Geldmengenpolitik gegeben sind. Nach einem kurzen Überblick über die bisherigen empirischen Arbeiten zur Geldpolitik in Südafrika werden die verschiedenen angewandten Modelle vorgestellt, mit...