منابع مشابه
The demand for M3 in the euro area
In this paper, an empirically stable money demand model for M3 in the euro area is constructed. Starting with a multivariate system, three cointegrating relationships with economic content are found: (i) the spread between the longand the short-term nominal interest rates, (ii) the long-term real interest rate, and (iii) a long-run demand for broad money M3. There is evidence that the determina...
متن کاملA Money Demand System for M3 in the Uniied Germany
A small macroeconomic model is constructed starting from a German money demand relation for M3 based on quarterly, seasonally unadjusted data for the period from 1976 to 1996. In contrast to previous studies we build a vector error correction model for M3, GNP, an innation rate and an interest rate spread variable to represent opportunity costs of holding money. Furthermore, import price innati...
متن کاملOn the Sources of Euro Area Money Demand Stability A Time-Varying Cointegration Analysis
We adopt a time-varying cointegration test to discriminate among different empirical studies claiming to find a stable Euro Area money demand equation. A time-invariant relation explaining real balances is rejected by data, even when accounting for housing, financial and labour markets. Conversely, an international portfolio allocation approach provides stabilization. In particular, internation...
متن کاملOn the Stability of Euro Area Money Demand and its Implications for Monetary Policy
We revisit the usefulness of long-run money demand equations for the European Central Bank. We first conduct a model evaluation exercise by means of a recent time–varying cointegration test. A stable relation for euro area M3 is not rejected by data only when accounting for both a speculative motive, represented by international financial markets, and a precautionary motive, proxied by changes ...
متن کاملOn the Source of Euro Area Money Demand Stability . A Time - Varying Cointegration Analysis
We adopt a time-varying cointegration test to discriminate among different empirical studies claiming to find a stable Euro Area money demand equation. A time-invariant relation explaining real balances is rejected by data, even when accounting for housing, financial and labour markets. Conversely, an international portfolio allocation approach provides stabilization. In particular, internation...
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ژورنال
عنوان ژورنال: Applied Economics
سال: 2004
ISSN: 0003-6846,1466-4283
DOI: 10.1080/0003684042000229541