Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/17750
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dc.contributor.authorCarstensen, Kaien_US
dc.date.accessioned2009-01-28T14:59:14Z-
dc.date.available2009-01-28T14:59:14Z-
dc.date.issued2004en_US
dc.identifier.urihttp://hdl.handle.net/10419/17750-
dc.description.abstractThis paper analyzes the question whether money demand in the Euro area has undergone astructural change in recent time when M3 money growth has considerably overshot the referencevalue set by the European Central Bank (ECB). It is found that conventional specificationsof money demand have in fact become unstable while specifications which are augmentedwith equity returns and volatility remain stable. Using such an augmented specification, itturns out that the excessive M3 growth rates can largely be attributed to the stock marketdownswing and do not put a measurable threat to price stability.en_US
dc.language.isoengen_US
dc.publisher|aKiel Institute for the World Economy (IfW) |cKielen_US
dc.relation.ispartofseries|aKiel Working Paper |x1179en_US
dc.subject.jelE41en_US
dc.subject.ddc330en_US
dc.subject.keywordMoney demanden_US
dc.subject.keywordEMUen_US
dc.subject.keywordexcess liquidityen_US
dc.subject.stwGeldnachfrageen_US
dc.subject.stwBörsenkursen_US
dc.subject.stwVolatilitäten_US
dc.subject.stwSchätzungen_US
dc.subject.stwEU-Staatenen_US
dc.titleIs European Money Demand Still Stable?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn385601360en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:ifwkwp:1179-

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