On the empirical specification of the European demand for money

Ignacio Mauleón () and Jordi Sardà ()

International Advances in Economic Research, 1999, vol. 5, issue 1, 15 pages

Abstract: This paper tests several aspects concerning the specification of an empirical demand for money function for the European Monetary Union. The econometric results show that wealth is a statistically significant determinant for the demand for money. A homogeneous sample period is statistically established, and a demand equation for liquid assets (other than strict money) is presented. A new method to weight and add national variables is also suggested to obtain European aggregates. The main policy implication is that monetary aggregate targeting should not be the main basis for monetary policy implementation. Copyright International Atlantic Economic Society 1999

Date: 1999
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DOI: 10.1007/BF02295026

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