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Erscheinungsjahr: 
2008
Schriftenreihe/Nr.: 
Kiel Working Paper No. 1443
Verlag: 
Kiel Institute for the World Economy (IfW), Kiel
Zusammenfassung: 
In this paper we analyze the money demand functions of the four largest EMU countries and of the four-country (EMU-4) aggregate. We identify reasonable and stable money demand relationships for Germany, France and Spain as well as the EMU-4 aggregate. For the case of Italy, results are less clear. From the estimated money demand functions, we derive both EMU-4 and country-specific measures of money overhang. We find that the EMU-4 overhang measure strongly correlates with the countryspecific measures, particularly since the start of EMU, and is useful to predict country-specific inflation. However, it generally does not encompass country-specific money overhang measures as predictors of inflation. Hence, aggregate money overhang is an important, but by far not an exhaustive, indicator fort he disaggregate level.
Schlagwörter: 
Money demand
stability
money overhang
inflation forecast
JEL: 
E41
E52
Dokumentart: 
Working Paper

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