Modelling money demand: further evidence from an international comparison

Fredj Jawadi and Ricardo Sousa

Applied Economics Letters, 2013, vol. 20, issue 11, 1052-1055

Abstract: This article aims at estimating money demand for the euro area, the United States and the United Kingdom using a Dynamic Ordinary Least Squares (DOLS) estimator. Our findings show that (1) wealth effects on money demand are important in the euro area and the United Kingdom; (2) the impact of changes in the interest rate on real money holdings is negative and small; (3) goods are a reasonable alternative to money and (4) international currency substitution has a major influence on the behaviour of real money demand in the United Kingdom.

Date: 2013
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Working Paper: Modelling Money Demand: Further Evidence from an International Comparison (2012)
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DOI: 10.1080/13504851.2012.758835

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