Konferenzbeitrag
Heterogeneity in money holdings across euro area countries: the role of housing
In 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.
- Sprache
-
Englisch
- Erschienen in
-
Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Trade, Financial Markets, and the Euro ; No. E12-V3
- Klassifikation
-
Wirtschaft
Demand for Money
Money Supply; Credit; Money Multipliers
Monetary Policy
- Thema
-
Money, housing, national contribution, euro area
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Setzer, Ralph
van den Noord, Paul
Wolff, Guntram B.
- Ereignis
-
Veröffentlichung
- (wer)
-
Verein für Socialpolitik
- (wo)
-
Frankfurt a. M.
- (wann)
-
2010
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Konferenzbeitrag
Beteiligte
- Setzer, Ralph
- van den Noord, Paul
- Wolff, Guntram B.
- Verein für Socialpolitik
Entstanden
- 2010
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