Arbeitspapier
A Stable Model for Euro Area Money Demand: Revisiting the Role of Wealth
In this paper we present an empirically stable money demand model for Euro area M3. We show that housing wealth is an important explanatory variable of long-run money demand that captures the trending behaviour of M3 velocity, in particular its shift in the first half of this decade. We show that the current financial crisis has no impact on the stability of our money demand model.
- Sprache
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Englisch
- Erschienen in
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Series: ECB Working Paper ; No. 1111
Single Equation Models; Single Variables: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
Multiple or Simultaneous Equation Models: Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
Demand for Money
Money demand
Parameter Constancy
Vector Error Correction Model
wealth
Geldnachfrage
Kointegration
Zeitreihenanalyse
Eurozone
EU-Staaten
- Handle
- Letzte Aktualisierung
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20.09.2024, 08:21 MESZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Beyer, Andreas
- European Central Bank (ECB)
Entstanden
- 2009