Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/264680 
Year of Publication: 
2004
Series/Report no.: 
Working Paper No. 88
Publisher: 
Oesterreichische Nationalbank (OeNB), Vienna
Abstract: 
By analyzing almost 1000 money demand estimations this paper attempts to summarize the disperse findings of this literature. Using both descriptive statistics and meta-regressions we derive several stylized facts about the two most prominent determinants of money demand–income and interest rate elasticities. In particular, we show that the size and signs of average elasticities are systematically related to the choice of included variables (e.g., M1 or M3, short-run or long-run interest rates), the country grouping (e.g., US vs. Germany) and the empirical specification (e.g., the inclusion of one or two interest rates).
Subjects: 
Money Demand
Meta Analysis
Empirical Methods
JEL: 
E41
E52
Document Type: 
Working Paper

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