Core ERM Money Demand and Effects on Inflation
AbstractThis paper presents evidence supporting the existence of a stable money demand relationship for Germany plus a core group of countries--France, Belgium, Denmark, Luxembourg--that have not realigned their parities against the deutsche mark since at least 1987. The predictive power of the core-ERM aggregate for French and German inflation is also examined; it is shown that the ERM aggregate is a better predictor of German inflation than the German monetary aggregate alone. Thus, the ERM money supply is a useful indicator for German monetary policy, even if the latter only focuses on achieving domestic inflation targets. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Bibliographic InfoArticle provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.
Volume (Year): 65 (1997)
Issue (Month): 1 (January)
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Postal: Manchester M13 9PL
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Web page: http://www.socialsciences.manchester.ac.uk/disciplines/economics/
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- Kai Carstensen & Jan Hagen & Oliver Hossfeld & Abelardo Salazar Neaves, 2008.
"Money Demand Stability and Inflation Prediction in the Four Largest EMU Countries,"
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Ifo Working Paper No. 61, Ifo Institute for Economic Research at the University of Munich.
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- Abelardo Salazar Neaves & Oliver Hossfeld & Jan Hagen & Kai Carstensen, 2008. "Money Demand Stability and Inflation: Prediction in the Four Largest EMU Countries," Kiel Working Papers 1443, Kiel Institute for the World Economy.
- Carstensen, Kai & Hagen, Jan & Hossfeld, Oliver & Neaves, Abelardo S., 2009. "Money demand stability and inflation prediction in the four largest EMU countries," Munich Reprints in Economics 19946, University of Munich, Department of Economics.
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"Estimating a European demand for money,"
ZEI Working Papers
B 05-1998, ZEI - Center for European Integration Studies, University of Bonn.
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