@techreport{Carstensen2004European,
abstract = {This paper analyzes the question whether money demand in the Euro area has undergone a
structural change in recent time when M3 money growth has considerably overshot the reference
value set by the European Central Bank (ECB). It is found that conventional specifications
of money demand have in fact become unstable while specifications which are augmented
with equity returns and volatility remain stable. Using such an augmented specification, it
turns out that the excessive M3 growth rates can largely be attributed to the stock market
downswing and do not put a measurable threat to price stability.},
address = {Kiel},
author = {Kai Carstensen},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {E41; 330; Money demand; EMU; excess liquidity; Geldnachfrage; B\"{o}rsenkurs; Volatilit\"{a}t; Sch\"{a}tzung; EU-Staaten},
language = {eng},
number = {1179 [rev.]},
publisher = {Kiel Institute for the World Economy (IfW)},
title = {Is European Money Demand Still Stable?},
type = {Kieler Arbeitspapiere},
url = {http://hdl.handle.net/10419/17750},
year = {2004}
}
