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Title:Money demand in Europe: Evidence from the past PDF Logo
Authors:Müller, Christian
Hahn, Elke
Issue Date:2000
Series/Report no.:Discussion Papers, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes 2000,35
Abstract:The conditions under which European monetary policy is likely to be conducted are investigated by means of multi-variate time series modelling using aggregated data of all eleven European Monetary Union member states. A cointegration analysis identifies two stable long-run relationships within a set of five key macroeconomic variables, one of which can be interpreted as a money demand function and a sec(md one as a long term real interest rate (Fisher parity). Our findings indicate that monetary authorities might well be able to base their policy on the existence of a money demand. Particular emphasis is given both to the data sources and their aggregation, by providing a transparent account of our calculation procedure, which is not yet common in the existing literature.
Subjects:european money demand
monetary targeting
aggregation
JEL:E41
E52
C32
Persistent Identifier of the first edition:urn:nbn:de:kobv:11-10047427
Document Type:Working Paper
Appears in Collections:Discussion Papers, SFB 373, HU Berlin

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