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Erscheinungsjahr: 
2010
Schriftenreihe/Nr.: 
Discussion Paper Series 1 No. 2010,04
Verlag: 
Deutsche Bundesbank, Frankfurt a. M.
Zusammenfassung: 
In this paper we examine why monetary aggregates of euro area Member States have developed differently since the inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices and higher user costs of housing are both associated with larger money holdings. Country-specific money holdings are also connected with structural features of the housing market.
Schlagwörter: 
Money
housing
national contribution
euro area
JEL: 
E41
E51
E52
ISBN: 
978-3-86558-601-8
Dokumentart: 
Working Paper

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