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Sonderforschungsbereich 649: Ökonomisches Risiko, Humboldt-Universität Berlin >
SFB 649 Discussion Papers, HU Berlin >
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http://hdl.handle.net/10419/39304
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| Title: | | The (in)stability of money demand in the Euro Area: Lessons from a cross-country analysis  |
| Authors: | | Nautz, Dieter Rondorf, Ulrike |
| Issue Date: | | 2010 |
| Series/Report no.: | | SFB 649 discussion paper 2010,023 |
| Abstract: | | The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results obtained from panel estimation indicate that the observed instability of standard money demand functions could be explained by omitted variables like e.g. technological progress that are important for money demand but constant across member countries. |
| Subjects: | | Money demand cross-country analysis panel error correction model euro area |
| JEL: | | E41 E51 E52 |
| Document Type: | | Working Paper |
| Appears in Collections: | | SFB 649 Discussion Papers, HU Berlin
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