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| Author: | Golinelli, R. Pastorello, S. |
| Title: | Modelling the demand for M3 in the Euro area |
| Journal: | European Journal of Finance
2002 : DEC, VOL. 8:4, p. 371-401 |
| Index terms: | Euro Monetary policy Money demand |
| Language: | eng |
| Abstract: | Modelling monetary trasmission is central to understanding the role of monetary policy in the Euro area, and money demand is commonly seen as a link in that transmission mechanism. To shed some on the issue, this study is devoted to an analysis of the main econometric features of money M3 demand at Euro area and single country levels. Two sets of results in a common framework that explicitly takes account of the potential nonstationarity of the variables of interest are compared in both estimation and testing phases. The comparison shows that the area-wide money demand is more smooth and less subject to shocks than the single-country ones. |
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