This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

How Robust are Money Demand Estimations? A Meta-Analytic Approach

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Markus Knell () (Oesterreichische Nationalbank, Economic Studies Division, Otto-Wagner Platz 3, POB 61, A-1011 Vienna)
Helmut Stix () (Oesterreichische Nationalbank)

Additional information is available for the following registered author(s):

Abstract

In this paper we perform a meta-analysis of empirical money demand studies involving almost 500 individual money demand estimations. We analyze whether the wide variety of results can be explained by characteristics of the studies, different macroeconomic environments or the imprecision of individual estimates. We find that estimates for the income elasticity of money are systematically related to various study characteristics (e.g., broadness of the monetary aggregate, inclusion of financial innovation and wealth, etc). Also, the macroeconomic environment (inflation, nominal and real uncertainties) seems to play a role. Nevertheless, a substantial part of the variability remains unexplained. Our findings thus raise some doubts about the robustness and reliability of money demand estimations.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help file. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.oenb.at/de/img/wp81_tcm14-6174.pdf
File Format: application/pdf
File Function:
Download Restriction: no

Publisher Info
Paper provided by Oesterreichische Nationalbank (Austrian Central Bank) in its series Working Papers with number 81.

Download reference. The following formats are available: HTML, plain text, BibTeX, RIS (EndNote), ReDIF
Length: 49 pages
Date of creation: 30 Jun 2003
Date of revision:
Handle: RePEc:onb:oenbwp:81

Contact details of provider:
Postal: P.O. Box 61, A-1011 Vienna, Austria
Phone: +43/1/404 20 7205
Fax: +43/1/404 20 7299
Email:
Web page: http://www.oenb.at/
More information through EDIRC

Order Information:
Postal: Oesterreichische Nationalbank, Economic Studies Division, c/o Beate Hofbauer-Berlakovich, POB 61, A-1011 Vienna, Austria
Email:

For technical questions regarding this item, or to correct its listing, contact: (Markus Knell and Helmut Stix).

Related research
Keywords: Money Demand Meta Analysis Empirical Methods

Find related papers by JEL classification:
E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Pantelis Kalaitzidakis & Theofanis P Mamuneas & Thanasis Stengos, 2001. "Rankings of Academic Journals and Institutions in Economics," Discussion Papers in Economics 01/8, Department of Economics, University of Leicester. [Downloadable!]
    Other versions:
  2. Wesche, Katrin, 1995. "The Stability of European Money Demand: An Investigation of M3H," Discussion Paper Serie B 337, University of Bonn, Germany. [Downloadable!]
    Other versions:
  3. T. D. Stanley, 2001. "Wheat from Chaff: Meta-analysis as Quantitative Literature Review," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 131-150, Summer. [Downloadable!] (restricted)
  4. Carlson, John B. & Hoffman, Dennis L. & Keen, Benjamin D. & Rasche, Robert H., 2000. "Results of a study of the stability of cointegrating relations comprised of broad monetary aggregates," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 345-383, October. [Downloadable!] (restricted)
    Other versions:
  5. Alan B. Krueger, 2003. "Economic Considerations and Class Size," Economic Journal, Royal Economic Society, vol. 113(485), pages F34-F63, February. [Downloadable!] (restricted)
    Other versions:
Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Balázs Egert & Carol S. Leonard, 2007. "Dutch Disease Scare in Kazakhstan: Is it real?," CESifo Working Paper Series CESifo Working Paper No. , CESifo GmbH. [Downloadable!]
    Other versions:
  2. René Cabral-Torres, . "Monetary and Fiscal Policy Coordination," Discussion Papers 05/28, Department of Economics, University of York. [Downloadable!]
  3. Markus Knell & Helmut Stix, 2006. "Three decades of money demand studies: differences and similarities," Applied Economics, Taylor and Francis Journals, vol. 38(7), pages 805-818, April. [Downloadable!] (restricted)
  4. Égert, Balázs & Halpern, László, 2005. "Equilibrium Exchange Rates in Central and Eastern Europe: A Meta-Regression Analysis," CEPR Discussion Papers 4869, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  5. Helmut Stix, 2004. "The Impact of ATM Transactions and Cashless Payments on Cash Demand in Austria," Monetary Policy & the Economy, Oesterreichische Nationalbank (Austrian Central Bank), issue 1, pages 90-105, May. [Downloadable!]
  6. Michael Graff, 2008. "The Quantity Theory of Money in Historical Perspective," Working papers 08-196, KOF Swiss Economic Institute, ETH Zurich. [Downloadable!]
Statistics
Access and download statistics

Did you know? You can create a compilation of all publications of a group of people, say alumni of a program, your students or memers of an association.

This page was last updated on 2008-11-17.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.