Money Demand in theEuroArea: Do National Differences Matter?
Luca Dedola (),
Eugenio Gaiotti () and
Additional contact information
Luca Silipo: Bank of Italy
Macroeconomics from University Library of Munich, Germany
This paper assesses the relevance of national information in estimating the demand for euro-area M3 from three perspectives. First, we check whether national money demands can legitimately be aggregated. Second, we compare time-series and panel methods to estimate aggregate long-run coefficients. Finally, we investigate the differences among national money demands. We find that the hypothesis of perfect aggregation is not rejected. Nevertheless, some estimates of area-wide long-run parameters are sensitive to the method used to combine national information. The main difference among individual countries’ money demands is their interest elasticity.
Keywords: money demand; aggregation; European Central Bank. (search for similar items in EconPapers)
JEL-codes: E41 C22 C23 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mon
Date: 2004-04-24, Revised 2004-04-24
Note: Type of Document - pdf
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
Working Paper: Money demand in the euro area: do national differences matter? (2001)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpma:0404019
Access Statistics for this paper
More papers in Macroeconomics from University Library of Munich, Germany
Bibliographic data for series maintained by EconWPA ().