Three Decades of Money Demand Studies. Some Differences and Remarkable Similarities
AbstractBy 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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Bibliographic InfoPaper provided by Oesterreichische Nationalbank (Austrian Central Bank) in its series Working Papers with number 88.
Date of creation: 07 Jun 2004
Date of revision:
Postal: Oesterreichische Nationalbank, Economic Studies Division, c/o Beate Hofbauer-Berlakovich, POB 61, A-1011 Vienna, Austria
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
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- NEP-CBA-2002-10-08 (Central Banking)
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- NEP-IFN-2002-10-08 (International Finance)
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- NEP-MON-2002-10-08 (Monetary Economics)
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