All the Money in Europe? An Investigation of the Economic Properties of EC-wide Extended Monetary Aggregates

Monticelli, Carlo

doi:10.2139/ssrn.868456

Cited by 19 publications

(5 citation statements)

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“…5(a)). It also signi¢cantly outperforms the national equations with 15 Monticelli (1993) did not ¢nd this to be the case, however. 16 Data for some of the smaller core ERM countries were available only from 1980Q1.…”

Section: New Estimatesmentioning

confidence: 85%

“…tests of whether non-stationary variables tend to``move together'', help to identify long-run relationships between variables and therefore deserve special attention in the context of money demand. Monticelli andStrauss-Kahn (1992, 1993) and Artis et al (1993) ¢nd that an EC broad money aggregate generally exhibits more robust cointegration properties than national equations.…”

Section: Empirical Estimates Of the Demand For Broad Moneymentioning

confidence: 99%

“…3 Monticelli and Strauss-Kahn (1992) ¢nd that long-run money demands for EC countries exhibit similar price and income elasticities. Finally, Angeloni et al (1991), Bayoumi and Kenen (1992) and Monticelli (1993) use causality tests to examine the predictive power of various de¢nitions of EC money supplies for output and activity. 4 In assessing cross-country monetary indicators, it is of course essential to consider the role of the exchange rate.…”

Section: Introductionmentioning

confidence: 99%

“…holdings of domestic deposits (whether in domestic or foreign currency) by non-residents Angeloni et al (1991). recalculate broad money aggregates to include this component, and their ¢ndings suggest that this improves the performance of an EC-wide monetary aggregate; however,Monticelli (1993) concludes that such extended monetary variables do not outperform an aggregate obtained by summing traditional national de¢nitions. This issue is not considered in the present paper.…”

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confidence: 99%

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Core ERM Money Demand and Effects on Inflation

Cassard

Lane

Masson

1997

The Manchester School

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The paper presents evidence supporting the existence of a stable money demand relationship for Germany plus a core group of countries—France, Belgium, Denmark, Luxembourg and the Netherlands—that have not realigned their parities against the deutschmark since at least 1987. The predictive power of the core ERM aggregate for French and German inflation is also examined; it is shown that the ERM aggregate is a better predictor of German inflation than the German monetary aggregate alone. Thus, the ERM money supply is a useful indicator for German monetary policy, even if the latter only focuses on achieving domestic inflation targets.

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Section: New Estimatesmentioning

confidence: 85%

Section: Empirical Estimates Of the Demand For Broad Moneymentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

mentioning

confidence: 99%

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Core ERM Money Demand and Effects on Inflation

Cassard

Lane

Masson

1997

The Manchester School

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“…This facilitates analysis of different measures of the money stock. Monticelli (1993) uses the locational statistics to derive six different monetary aggregates for the European Union, such as monetary assets held by EU residents regardless of the residency of the issuer and the currency of denomination, and monetary assets issued by EU-domiciled intermediaries regardless of the residency of the holder and the currency of denomination.…”

Section: Extension Of Monetary and Credit Aggregatesmentioning

confidence: 99%

Guide to the International Financial Statistics

Settlements

2003

SSRN Journal

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Monetary Policy in the Euro Area

et al. 2001

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How and for whose benefit the European Central Bank (ECB) will work is the most important issue facing Europe, and has been the subject of vast media and academic interest which has already spawned a vast literature of discussion papers in the academic literature, and 'Euro Watch' features. Much of this discussion has been of an increasingly hysterical and political nature and has served to blur rather than inform. This book, written by a team at the ECB, including Otmar Issing the ECB's Chief Economist, provides the first comprehensive, inside, non-technical analysis of the monetary policy strategy, institutional features and operational procedures of the Eurosystem. The goals and the transmission mechanism of monetary policy are explored, as are the theoretical and empirical results underpinning the 'stability-oriented monetary policy strategy' adopted by the ECB. The characteristics of this strategy are also discussed in comparison with suggested alternatives.

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All the Money in Europe? An Investigation of the Economic Properties of EC-wide Extended Monetary Aggregates

Cited by 19 publications

References 0 publications

Core ERM Money Demand and Effects on Inflation

Core ERM Money Demand and Effects on Inflation

Guide to the International Financial Statistics

Monetary Policy in the Euro Area

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