Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/144568 
Erscheinungsjahr: 
2010
Quellenangabe: 
[Journal:] Public Choice [ISSN:] 1573-7101 [Volume:] 144 [Issue:] 3 [Publisher:] Springer [Place:] Berlin [Year:] 2010 [Pages:] 459-472
Verlag: 
Springer, Berlin
Zusammenfassung: 
Recent empirical studies have found evidence of unstable long run money demand functions if recent data are used. If the link between money balances and the macroeconomy is fragile, the rationale of monetary aggregates in the ECB strategy has to be doubted. In contrast we present a ``stable'' long run money demand relationship for M3 for the period 1983-2006. To obtain the result, the short run homogeneity restriction between money and prices is relaxed and a break in the income elasticity of money demand after 2001 is taken into account. Measures of excess liquidity do not show significant inflation pressures.
Schlagwörter: 
Cointegration analysis
error correction
excess liquidity
monetary policy
money demand
JEL: 
C22
C52
E41
DOI der veröffentlichten Version: 
Sonstige Angaben: 
The final publication is available at Springer via http://dx.doi.org/10.1007/s11127-010-9679-5. This publication was produced as part of the FINESS project, funded by the European Commission through the 7th Framework Programme under contract no. 217266 (http://www.finess-web.eu/).
Dokumentart: 
Article
Dokumentversion: 
Accepted Manuscript (Postprint)

Datei(en):
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