The stability of german money demand: Not just a myth

被引：0
|
作者：
Michael Scharnagl
机构：
[1] Deutsche Bundesbank,
来源：
Empirical Economics | 1998年 / 23卷 / 3期
关键词：
Money demand; stability tests; financial innovations; C22; C51; C52;
D O I：
10.1007/BF01294412
中图分类号：
学科分类号：
摘要：
The stability of German money demand has been analyzed in a series of papers in recent years, especially since unification. In this paper the critical question of stability is reviewed, using various estimation techniques and testing procedures for long-run stability. To take financial innovations into account, the opportunity cost measure is calculated by differentiating between traditional savings deposits and special savings facilities, which are a major form of financial innovation in Germany. Overall, there are strong indications of a stable long-run money-demand relationship.
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页码：355 / 370
页数：15
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