Why Has Broad Money Demand Been More Stable in the Euro Area Than in Other Economies? PDF Download
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Author: Alessandro Calza
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Alessandro Calza
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Alessandro Calza
Publisher:
ISBN:
Category :
Languages : en
Pages : 28
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Author: A. Calza
Publisher:
ISBN:
Category :
Languages : en
Pages : 17
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Author: Otmar Issing
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 344
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Author:
Publisher:
ISBN: 9789289921770
Category :
Languages : en
Pages : 33
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Book Description
The aim of the paper is to reassess the issue of money demand stability by estimating a portfolio demand approach for broad money M3 in the euro area covering the sample 1999 to 2013. The question is relevant, since in view of the massive shocks observed since the start of the financial crisis in 2007 relationships may have changed. Overall, the paper finds that the main components of euro area M3 are largely stable and can be explained by fundamental factors such as a transaction variable and opportunity costs. Nevertheless, the analysis detects some instabilities originating from the demand for currency in circulation linked to the euro cash changeover and for marketable instruments in an environment of very low interest rates.
Author: Ansgar Belke
Publisher: Springer Science & Business Media
ISBN: 3540710027
Category : Business & Economics
Languages : en
Pages : 833
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This book integrates the fundamentals of monetary theory, monetary policy theory and financial market theory, providing an accessible introduction to the workings and interactions of globalised financial markets. Includes examples and extensive data analyses.
Author: Alexander Jung
Publisher:
ISBN: 9789289921770
Category :
Languages : en
Pages : 33
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Book Description
The aim of the paper is to reassess the issue of money demand stability by estimating a portfolio demand approach for broad money M3 in the euro area covering the sample 1999 to 2013. The question is relevant, since in view of the massive shocks observed since the start of the financial crisis in 2007 relationships may have changed. Overall, the paper finds that the main components of euro area M3 are largely stable and can be explained by fundamental factors such as a transaction variable and opportunity costs. Nevertheless, the analysis detects some instabilities originating from the demand for currency in circulation linked to the euro cash changeover and for marketable instruments in an environment of very low interest rates.
Author: Helmut Lütkepohl
Publisher: Physica
ISBN: 9783790824605
Category : Business & Economics
Languages : en
Pages : 260
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Book Description
In 1999 a number of member states of the European Union will adopt a common currency. This change in the monetary system requires that a Eur opean Central Bank is set up and a common monetary policy is pursued. There is general agreement among those countries which are likely to join the common currency that price level stability has to be the ultimate objec tive of monetary po1icy. It is an open issue, however, what kind of policy is best suited for that purpose. The alternative strategies under discussion are a direct inflation targeting, an intermediate monetary targeting or a mixture of both. For these policy strategies a stable money demand relation is of cen tral importance. Therefore a workshop on Money Demand in Europe was organized at the Humboldt University in Berlin on October 10/11, 1997. This research conference brought together academic and central bank econo mists and econometricians predominantly from Europe to discuss issues on specification, estimation and, in particular, stability of money demand rela tions both in a single equation and in a systems framework. In this volume revised versions of the papers presented and discussed at the workshop are collected. The volume thereby gives an overview of money demand analysis in Europe on the eve of the introduction of the Euro in some European countries. It contributes to the discussion on a suitable monetary policy for the new European Central Bank.
Author: Roberto A. De Santis
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 0
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This paper argues that a stable broad money demand for the euro area over the period 1980-2011 can be obtained by modelling cross border international portfolio allocation. As a consequence, model-based excess liquidity measures, namely the difference between actual M3 growth (net of the inflation objective) and the expected money demand trend dynamics, can be useful to predict HICP inflation.
Author: Roberto A. De Santis
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 45
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