Euro Area Money Demand Revisited (notice n° 546097)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 01574cam a2200169 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250121113935.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Lecarpentier-Moyal, Sylvie |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Euro Area Money Demand Revisited |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2012.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 58 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | The paper presents an empirical analysis of the demand for money in the euro area (M3) over the period 1981–2008. To explain the rapid growth of money since 2001, wealth variables are taken into account though real stock and house prices. Two different estimation techniques have been used: an econometric framework of a Vector Error Correction Model and a Time Varying Coefficient Model. The first approach shows that by including wealth variables in the model, we obtain an apparently stable model over the period 1981–2007, but the extending of the data period affects its stability and calls into question its relevance. The second approach points out the instability of the money demand function- the coefficients of elasticity and semi-elasticity vary over time -and shows evidence of a positive relationship between real house prices and broad money demand (M3). Thus, housing wealth plays an important role in capturing the portfolio behavior of holding money during the first decade of this century.Classification JEL:C22- C52-E41 |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Renou-Maissant, Patricia |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Revue économique | 63 | 5 | 2012-09-17 | p. 975-992 | 0035-2764 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-revue-economique-2012-5-page-975?lang=en&redirect-ssocas=7080">https://shs.cairn.info/journal-revue-economique-2012-5-page-975?lang=en&redirect-ssocas=7080</a> |
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