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dc.contributor.authorSetzer, Ralphen_US
dc.contributor.authorvan den Noord, Paulen_US
dc.contributor.authorWolff, Guntram B.en_US
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_US
dc.publisher|aVerein für Socialpolitik |cFrankfurt a. M.en_US
dc.relation.ispartofseries|aBeiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Trade, Financial Markets, and the Euro |xE12-V3en_US
dc.subject.keywordMoney, housing, national contribution, euro areaen_US
dc.titleHeterogeneity in money holdings across euro area countries: the role of housingen_US
dc.typeConference Paperen_US

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