@techreport{Carstensen2008Money,
abstract = {In this paper we analyze the money demand functions of the four largest EMU countries and of the four-country (EMU-4) aggregate. We identify reasonable and stable money demand relationships for Germany, France and Spain as well as the EMU-4 aggregate. For the case of Italy, results are less clear. From the estimated money demand functions, we derive both EMU-4 and country-specific measures of money overhang. We find that the EMU-4 overhang measure strongly correlates with the countryspecific measures, particularly since the start of EMU, and is useful to predict country-specific inflation. However, it generally does not encompass country-specific money overhang measures as predictors of inflation. Hence, aggregate money overhang is an important, but by far not an exhaustive, indicator fort he disaggregate level.},
address = {Kiel},
author = {Kai Carstensen and Jan Hagen and Oliver Hossfeld and Abelardo Salazar Neaves},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {E41; E52; 330; Money demand; stability; money overhang; inflation forecast; Geldnachfrage; Sch\"{a}tzung; Geldmenge; Monet\"{a}rer Indikator; Inflation; Europ\"{a}ische Wirtschafts- und W\"{a}hrungsunion; Deutschland; Frankreich; Spanien; Italien},
language = {eng},
number = {1443},
publisher = {Kiel Institute for the World Economy (IfW)},
title = {Money demand stability and inflation prediction in the four largest EMU countries},
type = {Kiel working paper},
url = {http://hdl.handle.net/10419/24838},
year = {2008}
}
