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http://hdl.handle.net/10419/32455
  

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dc.contributor.authorSetzer, Ralphen_US
dc.contributor.authorvan den Noord, Paulen_US
dc.contributor.authorWolff, Guntram B.en_US
dc.date.accessioned2010-05-03en_US
dc.date.accessioned2010-05-14T13:48:09Z-
dc.date.available2010-05-14T13:48:09Z-
dc.date.issued2010en_US
dc.identifier.isbn978-3-86558-601-8en_US
dc.identifier.urihttp://hdl.handle.net/10419/32455-
dc.description.abstractIn this paper we examine why monetary aggregates of euro area Member States have developed differently since the inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices and higher user costs of housing are both associated with larger money holdings. Country-specific money holdings are also connected with structural features of the housing market.en_US
dc.language.isoengen_US
dc.publisherDt. Bundesbank Frankfurt, M.en_US
dc.relation.ispartofseriesDiscussion Paper Series 1: Economic Studies 2010,04en_US
dc.subject.jelE41en_US
dc.subject.jelE51en_US
dc.subject.jelE52en_US
dc.subject.ddc330en_US
dc.subject.keywordMoneyen_US
dc.subject.keywordhousingen_US
dc.subject.keywordnational contributionen_US
dc.subject.keywordeuro areaen_US
dc.subject.stwGeldnachfrageen_US
dc.subject.stwWohneigentumen_US
dc.subject.stwImmobilienpreisen_US
dc.subject.stwSch├Ątzungen_US
dc.subject.stwEurozoneen_US
dc.titleHeterogeneity in money holdings across euro area countries: The role of housingen_US
dc.typeWorking Paperen_US
dc.identifier.ppn625131312en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bubdp1:201004-
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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