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Three Decades of Money Demand Studies. Some Differences and Remarkable Similarities

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Abstract

By analyzing almost 1000 money demand estimations this paper attempts to summarize the disperse findings of this literature. Using both descriptive statistics and meta-regressions we derive several stylized facts about the two most prominent determinants of money demand–income and interest rate elasticities. In particular, we show that the size and signs of average elasticities are systematically related to the choice of included variables (e.g., M1 or M3, short-run or long-run interest rates), the country grouping (e.g., US vs. Germany) and the empirical specification (e.g., the inclusion of one or two interest rates).

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File URL: http://www.oenb.at/dms/oenb/Publikationen/Volkswirtschaft/Working-Papers/2004/Working-Paper-88/fullversion/wp88_internet_1__tcm16-9848.pdf
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Paper provided by Oesterreichische Nationalbank (Austrian Central Bank) in its series Working Papers with number 88.

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Length: 43
Date of creation: 07 Jun 2004
Date of revision:
Handle: RePEc:onb:oenbwp:88

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Keywords: Money Demand; Meta Analysis; Empirical Methods;

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Cited by:
  1. Horacio Aguirre & Tamara Burdisso & Federico Grillo, 2006. "Towards an Estimation of Money Demand with Forecasting Purposes: Argentina, 1993-2005," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(45), pages 7-44, October.
  2. 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.
  3. Horacio Aguirre & Tamara Burdisso & Federico Grillo, 2006. "Towards an Estimation of Money Demand with Forecasting Purposes," BCRA Working Paper Series 200611, Central Bank of Argentina, Economic Research Department.
  4. Jackson, Aaron L., 2010. "Policy futures markets with multiple goals," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 45-54, March.
  5. Subramanian S. Sriram, 2009. "The Gambia," IMF Working Papers 09/192, International Monetary Fund.
  6. Petra Gerlach-Kristen, 2007. "A Two-Pillar Phillips Curve for Switzerland," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 143(IV), pages 425-448, December.
  7. Flandreau, Marc & Komlos, John, 2006. "Target zones in theory and history: Credibility, efficiency, and policy autonomy," Journal of Monetary Economics, Elsevier, vol. 53(8), pages 1979-1995, November.
  8. Salvatore Capasso & Oreste Napolitano, 2012. "Testing for the stability of money demand in Italy: has the Euro influenced the monetary transmission mechanism?," Applied Economics, Taylor & Francis Journals, vol. 44(24), pages 3121-3133, August.
  9. Boriss Siliverstovs, 2008. "Dynamic modelling of the demand for money in Latvia," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 8(1), pages 53-74, October.
  10. John Komlos & Marc Flandreau, 2005. "Target zones in History and Theory : efficiency, credibility and policy autonomy," Sciences Po publications n°5199, Sciences Po.
  11. repec:spo:wpecon:info:hdl:2441/602 is not listed on IDEAS

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