1999
DOI: 10.1111/1467-9485.00130
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Estimating A European Demand For Money

Abstract: Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in… Show more

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Cited by 43 publications
(8 citation statements)
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“…Furthermore, the relationships between money stocks and income, and money stocks and interest rates, are unlikely to be completely invariant to the exchange rate regime. Still, preliminary evidence indicates that the most critical functional relation -the EU-11 money demand function -has not exhibited substantial instability since Stage 3 of EMU (Hayo 2000), suggesting that the historical correlations might still be informative with respect to post-Stage 3 behaviour.…”
Section: A the Modelmentioning
confidence: 99%
“…Furthermore, the relationships between money stocks and income, and money stocks and interest rates, are unlikely to be completely invariant to the exchange rate regime. Still, preliminary evidence indicates that the most critical functional relation -the EU-11 money demand function -has not exhibited substantial instability since Stage 3 of EMU (Hayo 2000), suggesting that the historical correlations might still be informative with respect to post-Stage 3 behaviour.…”
Section: A the Modelmentioning
confidence: 99%
“…However, as Hayo (1999) suggests, a stable money demand function remains an imperative in the new policy era of in¯ation targeting. Hayo makes the obvious point that in¯ation cannot be controlled directly and that the term`in¯ation targeting' under emphasises the complexity of the link between monetary policy and in¯ation.…”
Section: Introductionmentioning
confidence: 99%
“…With respect to the income elasticity, many studies find a value close to 1. Fagan and Henry (1998) as well as Hayo (1998) find evidence supporting the cointegration hypothesis between M1 and EU-wide measures of income and interest rate. The implied long-run income elasticities were 0.88 in Fagan and Henry (1998) and 1 in Hayo (1998).…”
Section: Average Interest Rate For the Three Lowest Inflation Countmentioning
confidence: 58%