Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/152473
Authors: 
Brand, Claus
Cassola, Nuno
Year of Publication: 
2000
Series/Report no.: 
ECB Working Paper 39
Abstract: 
In order to assess the importance of monetary and financial developments for key macroeconomic variables in the euro area a money demand system for M3 is estimated adopting a structural cointegrating VAR approach. While maintaining a good statistical representation of the data, long-run relationships are based on economic theory. By using generalised response profiles the dynamics of the money demand system is investigated without any further identifying assumptions. Error bounds of the profiles are derived using bootstrap simulations.
Subjects: 
Fisher hypothesis
Money demand
response profiles
Structural cointegrated VAR
Term structure
JEL: 
C32
E41
Document Type: 
Working Paper

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