Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/322970 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
U.S.E. Discussion Papers Series No. 17-14
Verlag: 
Utrecht University, Utrecht University School of Economics, Tjalling C. Koopmans Research Institute, Utrecht
Zusammenfassung: 
In this paper, we use panel cointegration estimation to analyze the determinants of heterogeneous monetary dynamics in ten euro area member countries over the period 1999-2013. In particular, we investigate the role of real house prices, real equity prices and cross border bank credit. For the period up till 2008 we find a significantly positive income effect, a significantly negative interest rate effect, a significantly negative effect of net foreign credit and a significantly positive housing price effect. Inclusion of the financial crisis shows evidence of a structural break in money demand and some sign reversals, most significantly so for the interest rate effect. Finally, we find evidence of a divide in the long-term money demand relation between the Northern and Southern parts of the euro area, potentially complicating monetary policy.
Schlagwörter: 
money demand stability
structural breaks
panel cointegration
DOLS
asset prices
net foreign credit
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
540.86 kB





Publikationen in EconStor sind urheberrechtlich geschützt.