Is European money demand still stable?

dc.creator	Carstensen, Kai
dc.date	2003
dc.date.accessioned	2013-10-16T06:56:32Z
dc.date.available	2013-10-16T06:56:32Z
dc.date.issued	2013-10-16
dc.identifier	http://hdl.handle.net/10419/17730
dc.identifier	ppn:369913310
dc.identifier.uri	http://koha.mediu.edu.my:8181/xmlui/handle/10419/17730
dc.description	This paper analyzes the question whether money demand in the Euro area has undergone a structural change in recent time when M3 money growth has considerably overshot the reference value set by the European Central Bank (ECB). It is found that conventional specifications of money demand have in fact become unstable while specifications which are augmented with real stock prices and volatility remain stable. Using such an augmented specification, the claim that the excessive M3 growth rates are due to adverse stock market developments is examined. The results indicate that one cannot expect these growth rates to revert in the near future unless one is willing to assume a quick recovery of the European stock markets.
dc.language	eng
dc.publisher	Kiel Institute for the World Economy (IfW) Kiel
dc.relation	Kieler Arbeitspapiere 1179
dc.rights	http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject	ddc:330
dc.subject	Geldnachfrage
dc.subject	Börsenkurs
dc.subject	Volatilität
dc.subject	Schätzung
dc.subject	EU-Staaten
dc.title	Is European money demand still stable?
dc.type	doc-type:workingPaper

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