Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/39304
Year of Publication: 
2010
Series/Report no.: 
SFB 649 Discussion Paper No. 2010,023
Publisher: 
Humboldt University of Berlin, Collaborative Research Center 649 - Economic Risk, Berlin
Abstract: 
The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results obtained from panel estimation indicate that the observed instability of standard money demand functions could be explained by omitted variables like e.g. technological progress that are important for money demand but constant across member countries.
Subjects: 
Money demand
cross-country analysis
panel error correction model
euro area
JEL: 
E41
E51
E52
Document Type: 
Working Paper

Files in This Item:
File
Size
379.26 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.