منابع مشابه
On 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...
متن کاملAggregate and Household Demand for Money :
We use data from Public Opinion Surveys on Household Financial Assets and Li-abilities from 1991 to 2002 to investigate the issues of unobserved heterogeneity amongcross-sectional units and stability of Japanese aggregate money demand function. Condi-tions that permit individual data and aggregate data to be modeled under one consistentformat are given. Alternative definitions o...
متن کاملA Longitudinal Analysis of the Stability of Household Money Demand
Past aggregate time-series studies, conducted under the assumption of a representative economic agent, frequently show that the demand for narrowly defined M1, especially non-interest-yielding demand deposit, is unstable during periods of financial innovations. Whether this is longitudinally the case among life-cycle savers is unclear. This study utilizes longitudinal data to take another look ...
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ژورنال
عنوان ژورنال: Swiss Journal of Economics and Statistics
سال: 2012
ISSN: 2235-6282
DOI: 10.1007/bf03399372