Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/62191
Authors: 
Müller, Christian
Hahn, Elke
Year of Publication: 
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: 
Document Type: 
Working Paper

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