Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/153545 
Authors: 
Year of Publication: 
2009
Series/Report no.: 
ECB Working Paper No. 1111
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
In this paper we present an empirically stable money demand model for Euro area M3. We show that housing wealth is an important explanatory variable of long-run money demand that captures the trending behaviour of M3 velocity, in particular its shift in the first half of this decade. We show that the current financial crisis has no impact on the stability of our money demand model.
Subjects: 
cointegration
Money demand
Parameter Constancy
Vector Error Correction Model
wealth
JEL: 
C22
C32
E41
Document Type: 
Working Paper

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