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Hat die Finanzkrise zu einer instabilen Geldnachfrage geführt?

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Author Info

  • Christian Dreger
  • Jürgen Wolters

Abstract

A stable money demand relationship is one of the pre-conditions for a successful monetary policy of the European Central Bank (ECB). In this contribution we examine the stability of money demand in the euro area by taken the period of the financial crisis into account. Our results indicate that the broad monetary aggregate M3 has developed still in line with the macroeconomic fundamentals. From an empirical perspective, the specifications should include house prices, as they play a significant role in explaining money demand. Eine stabile Geldnachfrage ist eine Grundvoraussetzung für eine erfolgreiche Geldpolitik der Europäischen Zentralbank (EZB). In diesem Beitrag wird untersucht, ob die Geldnachfrage im Euroraum auch im Laufe der Finanzkrise die Bedingung der Stabilität erfüllt. Die Ergebnisse zeigen, dass die Entwicklung der Geldmenge M3 auch während der Finanzkrise in Einklang mit den makroökonomischen Fundamentalvariablen steht. Aus empirischer Sicht sind insbesondere solche Ansätze erfolgreich, die den Immobilienpreisen eine maßgebliche Rolle bei der Erklärung der Geldnachfrage zubilligen.

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File URL: http://ejournals.duncker-humblot.de/DH/doi/pdf/10.3790/vjh.79.4.135
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Bibliographic Info

Article provided by DIW Berlin, German Institute for Economic Research in its journal Vierteljahrshefte zur Wirtschaftsforschung.

Volume (Year): 79 (2010)
Issue (Month): 4 ()
Pages: 135-145

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Handle: RePEc:diw:diwvjh:79-4-10

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Related research

Keywords: Money demand; stability; wealth effects; error correction analysis;

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