Long run money demand in the EU: Evidence for area-wide aggregates

Autor:	Gabriel Fagan, JÊrÆme Henry
Rok vydání:	1998
Předmět:	Money demand · cross-country comparisons · European Union · aggregation · monetary targeting Statistics and Probability Economics and Econometrics Mathematics (miscellaneous) jel:E41 jel:E52 Social Sciences (miscellaneous)
Zdroj:	Empirical Economics. 23:483-506
ISSN:	1435-8921 0377-7332
DOI:	10.1007/bf01294419
Popis:	Long-run properties of EU-wide money aggregates are analysed. For each of the three aggregates considered - Currency, M1 and M3H - it is possible to obtain cointegrating relationships with GDP and interest rates (long or short term market interest rates). Results are not improved when traditional aggregates, obtained by aggregating existing national aggregates, are extended by the inclusion of various measures of Cross-Border Holdings. Specific attention is also paid to aggregation issues and the relative performance of area-wide and national equations. The results show that aggregation bias is not a major problem and that the relatively good area-wide performance is largely a consequence of a statistical averaging effect.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::81a72437bcdbc493c0f0064ad7cf0328 https://doi.org/10.1007/bf01294419 Zobrazit plný text záznamu Plný text ve formátu PDF