文章基本信息

标题：A Stable Model for Euro Area Money Demand: Revisiting the Role of Wealth
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作者：Andreas Beyer
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2009
卷号：1
出版社：European Central Bank
摘要：In this paper we present an empirically stable money demand model for Euro area M3. We show that housing wealth is an important explanatory variable of long-run money demand that captures the trending behaviour of M3 velocity, in particular its shift in the first half of this decade. We show that the current financial crisis has no impact on the stability of our money demand model.
关键词：Money Demand; Parameter Constancy; Wealth; Cointegration; Vector;Error Correction Model