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Money and housing: evidence for the euro area and the US

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  • Greiber, Claus
  • Setzer, Ralph

Abstract

This paper examines the relation between money and housing variables in the euro area and in the US. Our empirical model is based on a standard money demand relation which is augmented by housing market variables. In doing so, co-integrated money demand relationships can be established for both the euro area and the US. Furthermore, we find evidence for asset inflation channels, that is, liquidity fuels housing market developments. --

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Bibliographic Info

Paper provided by Deutsche Bundesbank, Research Centre in its series Discussion Paper Series 1: Economic Studies with number 2007,12.

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Date of creation: 2007
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Handle: RePEc:zbw:bubdp1:6135

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Keywords: money demand; asset inflation; housing; wealth;

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  1. Pesaran, Mohammad Hashem & Pettenuzzo, Davide & Timmermann, Allan, 2006. "Learning, structural instability and present value calculations," Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank, Research Centre 2006,27, Deutsche Bundesbank, Research Centre.
  2. Taylor, Mark P. & Schmidt, Markus & Reitz, Stefan, 2007. "End-user order flow and exchange rate dynamics," Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank, Research Centre 2007,05, Deutsche Bundesbank, Research Centre.
  3. repec:rus:hseeco:318682 is not listed on IDEAS
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