Is European Money Demand Still Stable
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Is European Money Demand Still Stable
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Author : Kai Carstensen
language : en
Publisher:
Release Date : 2003
Is European Money Demand Still Stable written by Kai Carstensen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
Money Demand In Europe
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Author : Helmut Lütkepohl
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-04-17
Money Demand In Europe written by Helmut Lütkepohl and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-04-17 with Business & Economics categories.
In 1999 a number of member states of the European Union will adopt a common currency. This change in the monetary system requires that a Eur opean Central Bank is set up and a common monetary policy is pursued. There is general agreement among those countries which are likely to join the common currency that price level stability has to be the ultimate objec tive of monetary po1icy. It is an open issue, however, what kind of policy is best suited for that purpose. The alternative strategies under discussion are a direct inflation targeting, an intermediate monetary targeting or a mixture of both. For these policy strategies a stable money demand relation is of cen tral importance. Therefore a workshop on Money Demand in Europe was organized at the Humboldt University in Berlin on October 10/11, 1997. This research conference brought together academic and central bank econo mists and econometricians predominantly from Europe to discuss issues on specification, estimation and, in particular, stability of money demand rela tions both in a single equation and in a systems framework. In this volume revised versions of the papers presented and discussed at the workshop are collected. The volume thereby gives an overview of money demand analysis in Europe on the eve of the introduction of the Euro in some European countries. It contributes to the discussion on a suitable monetary policy for the new European Central Bank.
Is Euro Area Money Demand Still Stable
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Author : Ansgar Belke
language : en
Publisher:
Release Date : 2010
Is Euro Area Money Demand Still Stable written by Ansgar Belke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Money Demand In The Euro Area
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Author : Zenon Kontolemis G.
language : en
Publisher: International Monetary Fund
Release Date : 2002-11
Money Demand In The Euro Area written by Zenon Kontolemis G. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-11 with Business & Economics categories.
The paper reviews the stability of long-run money demand in the euro area in the light of recent revisions to M3 data. The analysis confirms the existence of a stable long-run money demand, although the estimated equation implies a smaller equilibrium M3 growth than the European Central Bank's reference value of 41⁄2 percent. The stability of long-run money demand does not imply that the market is always in equilibrium. Indeed, it is argued that periods of disequilibrium can be long and adjustment slow. The paper shows that the difference between the low estimated equilibrium growth rate and the actual growth rate for M3 can be explained by a velocity shock, identified here as the sharp fall in equity prices in the last two years. These characteristics of the money market-summarized in the events of the last two years-would call for an alternative approach in the communication of monetary policy developments, essentially putting less emphasis on month-to-month developments in M3.
Money Demand In Europe
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Author : Christian Müller
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Money Demand In Europe written by Christian Müller and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
The first of January 1999 marked the beginning of a macroeconomic experi ment without precedent in modern history. For the first time eleven European countries agreed to abolish their local currencies in favour of a single one, the Euro. Not surprisingly, the necessary preparatory process has been accompa nied by an intensive discussion about the best way to manage the new Euro currency properly. To spur on that discourse was the principal motivation for this thesis. The introductory chapter attempts to bridge economic and econometric views on money demand analysis. It should help to motivate estimation proce dures and to standardize interpretation techniques, hopefully initiating further discussion in that direction. It intends to make the following chapters more accessible. In this thesis I approach the general subject in two principle ways. In chapter 3 I consider technical issues dealing with time series with shifts in the mean. Two years ago, Helmut Liitkepohl and Pentti Saikkonen asked me to join in on a related project which became the cornerstone of this chapter. I have very much appreciated the highly instructive collaboration with both these scholars.
Euro Area Money Demand
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Author : Mr.Alessandro Calza
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2001-11-01
Euro Area Money Demand written by Mr.Alessandro Calza and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001-11-01 with Business & Economics categories.
The existence of a well-specified and stable relationship between money and prices has long been perceived as a prerequisite for the use of monetary aggregates in the conduct of monetary policy. This paper contributes to the ongoing discussion about the stability of euro area money demand by constructing an own rate of return on euro area M3 and by analyzing its implications in a standard money demand system. Over the sample period, one cointegrating vector relating real M3, real GDP and the spread between the short-term interest rate and the own rate of M3 can be identified and interpreted as a long-run euro area money demand equation. A dynamic money demand system is subsequently estimated. Standard diagnostics stability tests and out-of-sample forecasts confirm the good statistical performance of the model.
European Money Demand And The Role Of Uk For Its Stability A Cointegration Analysis
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Author : Andreas Beyer
language : en
Publisher:
Release Date : 1998
European Money Demand And The Role Of Uk For Its Stability A Cointegration Analysis written by Andreas Beyer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
Euro Area Money Demand And International Portfolio Allocation
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Author : Roberto A. De Santis
language : en
Publisher:
Release Date : 2012
Euro Area Money Demand And International Portfolio Allocation written by Roberto A. De Santis and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Capital movements categories.
This paper argues that a stable broad money demand for the euro area over the period 1980-2011 can be obtained by modelling cross border international portfolio allocation. As a consequence, model-based excess liquidity measures, namely the difference between actual M3 growth (net of the inflation objective) and the expected money demand trend dynamics, can be useful to predict HICP inflation.
Advances In Cross Section Data Methods In Applied Economic Research
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Author : Nicholas Tsounis
language : en
Publisher: Springer Nature
Release Date : 2020-02-24
Advances In Cross Section Data Methods In Applied Economic Research written by Nicholas Tsounis and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-02-24 with Business & Economics categories.
This proceedings volume presents new methods and applications in applied economics with special interest in advanced cross-section data estimation methodology. Featuring select contributions from the 2019 International Conference on Applied Economics (ICOAE 2019) held in Milan, Italy, this book explores areas such as applied macroeconomics, applied microeconomics, applied financial economics, applied international economics, applied agricultural economics, applied marketing and applied managerial economics. International Conference on Applied Economics (ICOAE) is an annual conference that started in 2008, designed to bring together economists from different fields of applied economic research, in order to share methods and ideas. Applied economics is a rapidly growing field of economics that combines economic theory with econometrics, to analyze economic problems of the real world, usually with economic policy interest. In addition, there is growing interest in the field of applied economics for cross-section data estimation methods, tests and techniques. This volume makes a contribution in the field of applied economic research by presenting the most current research. Featuring country specific studies, this book is of interest to academics, students, researchers, practitioners, and policy makers in applied economics, econometrics and economic policy.
Current Issues In The Economy And Finance Of India
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Author : Aswini Kumar Mishra
language : en
Publisher: Springer
Release Date : 2018-09-13
Current Issues In The Economy And Finance Of India written by Aswini Kumar Mishra and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-13 with Business & Economics categories.
This proceedings volume highlights important points of achieving a balanced and sustained growth path from diverse economics and finance perspectives, touching on a wide array of economic and social analyses in India. Featuring contributions presented at the 2018 International Conference on Economics and Finance (ICEF-2018) held at the Birla Institute of Technology and Science, Pilani, Goa, India, the enclosed papers explore topics such as inflation dynamics, information transmission in post-recession era, leverage effect and volatility asymmetry, structural change and economic growth and reforming tax systems, among others. The Indian economy today is remarkable and, not surprisingly, it is growing very rapidly. It has emerged as the fastest growing major economy in the world as per the Central Statistical Organization (CSO) and International Monetary Fund (IMF) and it is expected to be one of the top three economic powers of the world over the next 10 to15 years, backed by its strong democracy and partnership. At the backdrop of impressive progress of the Indian economy during the last two decades, the question that remains to be answered is does India still have a long way to go before it is functioning well as a market economy? This book critically examines the performance of the Indian economy at the national, state and sectorial levels. Featuring contributions from leading academicians, scholars and practitioners from Asia and the rest of the world, this book is an asset to students, professors, scholars, practitioners and policy makers in the areas of India economics, finance and sustainable development.