Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/32455 
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dc.contributor.authorSetzer, Ralphen
dc.contributor.authorvan den Noord, Paulen
dc.contributor.authorWolff, Guntram B.en
dc.date.accessioned2010-05-03-
dc.date.accessioned2010-05-14T13:48:09Z-
dc.date.available2010-05-14T13:48:09Z-
dc.date.issued2010-
dc.identifier.isbn978-3-86558-601-8en
dc.identifier.urihttp://hdl.handle.net/10419/32455-
dc.description.abstractIn 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.en
dc.language.isoengen
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.en
dc.relation.ispartofseries|aDiscussion Paper Series 1 |x2010,04en
dc.subject.jelE41en
dc.subject.jelE51en
dc.subject.jelE52en
dc.subject.ddc330en
dc.subject.keywordMoneyen
dc.subject.keywordhousingen
dc.subject.keywordnational contributionen
dc.subject.keywordeuro areaen
dc.subject.stwGeldnachfrageen
dc.subject.stwWohneigentumen
dc.subject.stwImmobilienpreisen
dc.subject.stwSchätzungen
dc.subject.stwEurozoneen
dc.titleHeterogeneity in money holdings across euro area countries: The role of housing-
dc.typeWorking Paperen
dc.identifier.ppn625131312en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:bubdp1:201004en

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