Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/37401 
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dc.contributor.authorSetzer, Ralphen
dc.contributor.authorvan den Noord, Paulen
dc.contributor.authorWolff, Guntram B.en
dc.date.accessioned2010-08-11T08:56:15Z-
dc.date.available2010-08-11T08:56:15Z-
dc.date.issued2010-
dc.identifier.urihttp://hdl.handle.net/10419/37401-
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. We infer from these findings that housing developments should feature prominently in the ECB's monetary analysis.en
dc.language.isoengen
dc.publisher|aVerein für Socialpolitik |cFrankfurt a. M.en
dc.relation.ispartofseries|aBeiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Trade, Financial Markets, and the Euro |xE12-V3en
dc.subject.jelE41en
dc.subject.jelE51en
dc.subject.jelE52en
dc.subject.ddc330en
dc.subject.keywordMoney, housing, national contribution, euro areaen
dc.titleHeterogeneity in money holdings across euro area countries: the role of housing-
dc.typeConference Paperen
dc.identifier.ppn65583981Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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