Money Demand in Europe

by Lutkepohl, Helmut; Wolters, Jurgen

• ISBN13: 9783790811827
• ISBN10: 3790811823
• Format: Hardcover
• Copyright: 1999-03-01
• Publisher: Physica Verlag

Summary

The volume gives an overview of money demand analysis in Europe in 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. 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 central importance. The articles in this volume present empirical studies of money demand based on up-to-date time series econometric methods.

Table of Contents

Preface
Exogeneity, causality, and co-breaking in economic policy analysis of a small econometric model of money in the UK	p. 1
Empirical modeling of money demand	p. 29
Stability of the demand for M1 and harmonized M3 in Finland	p. 51
The demand for broad money in Norway, 1969-1993	p. 73
The stability of German money demand: Not just a myth	p. 89
A money demand system for German M3	p. 105
Money demand stability: Evidence from Spain	p. 121
Friedman and Schwartz (1982) revisited: Assessing annual and phase-average models of money demand in the United Kingdom	p. 135
Broad money demand and financial liberalization of Greece	p. 151
Stability of money demand in Switzerland A comparison of the M2 and M3 cases	p. 171
Changing monetary transmission mechanisms within the EU	p. 189
Long run money demand in the EU: Evidence for area-wide aggregates	p. 217
Wealth and the demand for money in the European union	p. 241
Workshop "Money demand in Europe" List of participants	p. 259
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