Wealth effects on money demand in the euro area

被引：0
|
作者：
Laurence Boone
Paul van den Noord
机构：
[1] Barclays Capital,Economics Department
[2] Organisation for Economic Co-ordination and Development (OECD),undefined
来源：
Empirical Economics | 2008年 / 34卷
关键词：
Money demand; Inflation; Wealth; E41; E52;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
We investigate the determinants of money demand (M3) in the euro area, considering that this variable remains an important co-determinant of monetary policy making by the European Central Bank. Regressing the real stock of M3 on real GDP, interest rates and wealth variables (real housing and stock prices) within an error-correction framework provides evidence of positive wealth effects on money demand in the long run. Correcting for this wealth effect, money demand in the euro area has grown almost exactly in line with the official reference value of 4 1/2% per annum.
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页码：525 / 536
页数：11
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