Publication
Jan 2008
This paper analyzes the money demand functions of the four largest countries in the European Monetary Union (EMU) and of the four-country (EMU-4) aggregate. It identifies reasonable and stable money demand relationships for Germany, France and Spain as well as the EMU-4 aggregate. It finds less clear results for Italy. From the estimated money demand functions, the authors derive both EMU-4 and country-specific measures of money overhang.
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English (PDF, 48 pages, 381 KB) |
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| Author | Kai Carstensen, Jan Hagen, Oliver Hossfeld, Abelardo Salazar Neaves |
| Series | Kiel Institute Working Papers |
| Issue | 1443 |
| Publisher | Kiel Institute for the World Economy |
| Copyright | © 2008 Kiel Institute for the World Economy |