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http://hdl.handle.net/10419/62191
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| Title: | | Money demand in Europe: Evidence from the past  |
| 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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