Money Demand in the Euro Area: Do National Differences Matter? |
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aggregate equation aggregate time series area-wide money demand Austria BANCA D'ITALIA Bank of Italy BELGIUM Brand and Cassola Coenen and Vega cointegrating contributions to M3 criterion demand for money dynamic elasticity of money European Central Bank Eurosystem F-statistic Fagan and Henry Finland FINLAND FRANCE GDP weights Germany Golinelli and Pastorello included income elasticity individual countries individual equations inflation interest elasticity interest rate interest rate elasticity lags long rate LONG-RUN COEFFICIENTS long-term rate Luxembourg m₁ mean group estimator money demand equation money demand function national contributions national equations national money demand Netherlands OECD opportunity cost output parameters Pastorello 2000 perfect aggregation permanent increase PMG estimator Pooled Mean Group PORTUGAL SPAIN EURO rate of return real M3 real money rejected repurchase agreements series estimator Shin and Smith short rate short-term rate SPAIN EURO AREA standard error statistically variables variance yield curve