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THE MONETARY AGGREGATES CONSlDERED
FORMULATlON OF THE MONEY DEMAND EQUATlONS
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adjustment aggregates considered ALP and ALP2 ALPa ALPV alternative interest rate Appendix Banco de Espana bank broad aggregates Buffer Stock cointegration relationship definition of M3 definitions of liquidity DEMAND EQUATlON Linear demand for money demand for real deviations Dolado and Escriva dynamics Econometric Economic EEFF equa EQUATlON Linear estimation ERROR CORRECTlON MODEL España Estudios European Monetary System final variables financial assets Granger gregates included income elasticity indicators inflation rate liquid assets ln contrast long-term M1 and M2 mand monetary aggregates monetary policy money demand equations money demand function money supply narrow aggregates narrowest aggregates M1 nominal balances obtained opportunity cost parameter Pedro Martínez Pierce's R2 portfolio price level properties real balances real income repurchase agreement residual variance sample period sector sight deposits t-ratio target band tion Transactions Demand Transmission Mechanism Treasury note repos trend UNDERLYlNG LONG-RUN RELATlONSHlP velocity of circulation wealth wealth effects