On Money and Credit in Europe: The Selected Essays of Martin M.G. Fase
In this invaluable book, Martin Fase, a notable academic and practitioner, draws together his most important contributions to monetary economics over two decades, using empirical evidence to assert his unique style in designing monetary policy. One of the main themes of Professor Fase's work, covered in the first part of the book, is the empirical analysis of the demand for money. For traditional monetary aggregates and Divisia aggregates the author investigates the dynamics, stability and determinants of money demand on a sectoral, national and Europe-wide level. The second part of the book uses empirical evidence to address a variety of monetary issues, including the system approach to money demand, the demand for bank loans, payment patterns and the demand for banknotes and coins. These chapters support the author's assertion that both the aggregate and disaggregate analyses of money demand are necessary for the design of a successful monetary policy in a European Monetary Union.On Money and Credit in Europe will be of great value to scholars and practitioners of monetary and financial economics, the economics of European integration and money and banking.
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AGGREGATE MONEY DEMAND
The Demand for Money in the EU Countries
The Demand for Money in The Netherlands Revisited
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adaptive expectations analysis autocorrelation average bank-notes Belgium Benelux cash coefficients coins cointegration currency cyclical indicator demand for M2 demand for money denomination deposits deviations DiM2 DiM3 Divisia aggregates Divisia M2 econometric economic empirical equation 1.8 equilibrium error-correction term estimated equation estimation results exchange rates explanatory variables F-tests Fase and Winder figures forecasting France Germany guilders hoarding households hypothesis income elasticity inflation rate interest rate elasticity Kremers and Lane Kuné liquid assets liquidity ratio ln y_1 long-run elasticities long-term interest rates M2 and M3 method monetary aggregates money demand money equations money function money stock near-money Netherlands obtained parameters partial adjustment payment percentage price elasticity purchasing power parities rate of inflation real income regression relationship residuals restrictions sample period sector semi-elasticities short-run short-term interest rate shows specification stability statistical studies survey t-values Table transactions unit root United Kingdom