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). JEL classification: E41; E52
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Oesterreichische Nationalbank (Austrian Central Bank) in its series Working Papers with number 88.
Length: 49 pages
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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2002-10-08 (All new papers)
- NEP-CBA-2002-10-08 (Central Banking)
- NEP-EEC-2002-10-08 (European Economics)
- NEP-FIN-2002-10-08 (Finance)
- NEP-IFN-2002-10-08 (International Finance)
- NEP-LAM-2002-09-21 (Central & South America)
- NEP-MON-2002-10-08 (Monetary Economics)
- NEP-PKE-2002-10-08 (Post Keynesian Economics)
- NEP-RMG-2002-10-08 (Risk Management)
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Salvatore Capasso & Oreste Napolitano, 2012.
"Testing for the stability of money demand in Italy: has the Euro influenced the monetary transmission mechanism?,"
Taylor and Francis Journals, vol. 44(24), pages 3121-3133, August.
- Salvatore Capasso & Oreste Napolitano, 2008. "Testing for the stability of money demand in italy: has the euro influenced the monetary transmission mechanism?," Working Papers 2_2008, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy.
- Égert, Balázs & Halpern, László, 2005.
"Equilibrium exchange rates in Central and Eastern Europe: A meta-regression analysis,"
BOFIT Discussion Papers
4/2005, Bank of Finland, Institute for Economies in Transition.
- Egert, Balazs & Halpern, Laszlo, 2006. "Equilibrium exchange rates in Central and Eastern Europe: A meta-regression analysis," Journal of Banking & Finance, Elsevier, vol. 30(5), pages 1359-1374, May.
- Balázs Égert & László Halpern, 2005. "Equilibrium Exchange Rates in Central and Eastern Europe: A Meta-Regression Analysis," William Davidson Institute Working Papers Series wp769, William Davidson Institute at the University of Michigan.
- 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.
- 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.
- Boriss Siliverstovs, 2007. "Dynamic Modelling of the Demand for Money in Latvia," Discussion Papers of DIW Berlin 703, DIW Berlin, German Institute for Economic Research.
- Subramanian S. Sriram, 2009. "The Gambia: Demand for Broad Money and Implications for Monetary Policy Conduct," IMF Working Papers 09/192, International Monetary Fund.
- John Komlos & Marc Flandreau, 2005. "Target zones in History and Theory : efficiency, credibility and policy autonomy," Sciences Po publications nÂ°5199, Sciences Po.
- 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.
- Flandreau, Marc & Komlos, John, 2005. "Target Zones in Theory and History: Credibility, Efficiency, and Policy Autonomy," CEPR Discussion Papers 5199, C.E.P.R. Discussion Papers.
- 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.
- 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.
- Petra Gerlach-Kristen, 2006.
"A Two-Pillar Phillips Curve for Switzerland,"
2006-09, Swiss National Bank.
- Jackson, Aaron L., 2010. "Policy futures markets with multiple goals," Journal of Macroeconomics, Elsevier, vol. 32(1), pages 45-54, March.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Markus Knell and Helmut Stix).
If references are entirely missing, you can add them using this form.