MONEY DEMAND STABILITY AND INFLATION PREDICTION IN THE FOUR LARGEST EMU COUNTRIES.
In this paper, we analyze the money demand functions of the four largest EMU countries and of the four-country (EMU-4) aggregate. We identify reasonable and stable money demand relationships for Germany, France and Spain as well as the EMU-4 aggregate. For the case of Italy, results are less clear....
| Publicado en: | Scottish Journal of Political Economy Vol. 56; no. 1; pp. 73 - 94 |
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| Autores principales: | , , , |
| Formato: | Artículo |
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Wiley-Blackwell
Feb2009
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=36190869&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 36190869 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00369292 SJP jtl: Scottish Journal of Political Economy issn: 00369292 maglogo: Y pubinfo: dt: Feb2009 vid: 56 iid: 1 pid: 480 pub: Wiley-Blackwell artinfo: ui: 36190869 10.1111/j.1467-9485.2009.00473.x ppf: 73 ppct: 21 formats: tig: atl: MONEY DEMAND STABILITY AND INFLATION PREDICTION IN THE FOUR LARGEST EMU COUNTRIES. aug: au: Carstensen, Kai Hagen, Jan Hossfeld, Oliver Neaves, Abelardo Salazar affil: Ifo Institute for Economic Research and Ludwig Maximilians University of Munich, Germany European University Institute, Italy Leipzig Graduate School of Management, Germany University of Nottingham, UK su: Demand for money Liquidity (Economics) Economic demand Economic policy Economic conditions in Europe, 1945- International liquidity Europe sug: subj: Europe Demand for money Liquidity (Economics) Economic demand Economic policy Economic conditions in Europe, 1945- International liquidity keyword: E41 E52 inflation forecast Money demand money overhang stability ab: In this paper, we analyze the money demand functions of the four largest EMU countries and of the four-country (EMU-4) aggregate. We identify reasonable and stable money demand relationships for Germany, France and Spain as well as the EMU-4 aggregate. For the case of Italy, results are less clear. From the estimated money demand functions, we derive both EMU-4 and country-specific measures of money overhang. We find that the EMU-4 overhang measure strongly correlates with the country-specific measures, particularly since the start of EMU, and is useful to predict country-specific inflation. However, it generally does not encompass country-specific money overhang measures as predictors of inflation. Hence, aggregate money overhang is an important, but by far not an exhaustive, indicator for the disaggregate level. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 2009 holdings: @attributes: islocal: N |
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