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https://hdl.handle.net/10419/37401
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DC Field | Value | Language |
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dc.contributor.author | Setzer, Ralph | en |
dc.contributor.author | van den Noord, Paul | en |
dc.contributor.author | Wolff, Guntram B. | en |
dc.date.accessioned | 2010-08-11T08:56:15Z | - |
dc.date.available | 2010-08-11T08:56:15Z | - |
dc.date.issued | 2010 | - |
dc.identifier.uri | http://hdl.handle.net/10419/37401 | - |
dc.description.abstract | In this paper we examine why monetary aggregates of euro area Member States have developed differently since the inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices and higher user costs of housing are both associated with larger money holdings. Country-specific money holdings are also connected with structural features of the housing market. We infer from these findings that housing developments should feature prominently in the ECB's monetary analysis. | en |
dc.language.iso | eng | en |
dc.publisher | |aVerein für Socialpolitik |cFrankfurt a. M. | en |
dc.relation.ispartofseries | |aBeiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Trade, Financial Markets, and the Euro |xE12-V3 | en |
dc.subject.jel | E41 | en |
dc.subject.jel | E51 | en |
dc.subject.jel | E52 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Money, housing, national contribution, euro area | en |
dc.title | Heterogeneity in money holdings across euro area countries: the role of housing | - |
dc.type | Conference Paper | en |
dc.identifier.ppn | 65583981X | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
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