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dc.contributor.authorCarstensen, Kaien_US
dc.date.accessioned2009-01-28T14:59:14Z-
dc.date.available2009-01-28T14:59:14Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/17750-
dc.description.abstractThis 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.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesKieler Arbeitspapiere 1179 [rev.]en_US
dc.subject.jelE41en_US
dc.subject.ddc330en_US
dc.subject.keywordMoney demanden_US
dc.subject.keywordEMUen_US
dc.subject.keywordexcess liquidityen_US
dc.subject.stwGeldnachfrageen_US
dc.subject.stwBörsenkursen_US
dc.subject.stwVolatilitäten_US
dc.subject.stwSchätzungen_US
dc.subject.stwEU-Staatenen_US
dc.titleIs European Money Demand Still Stable?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn385601360en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Kieler Arbeitspapiere, IfW
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