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Core ERM Money Demand and Effects on Inflation

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  • Cassard, Marcel
  • Lane, Timothy D
  • Masson, Paul R

Abstract

This paper presents evidence supporting the existence of a stable money demand relationship for Germany plus a core group of countries--France, Belgium, Denmark, Luxembourg--that have not realigned their parities against the deutsche mark since at least 1987. The predictive power of the core-ERM aggregate for French and German inflation is also examined; it is shown that the ERM aggregate is a better predictor of German inflation than the German monetary aggregate alone. Thus, the ERM money supply is a useful indicator for German monetary policy, even if the latter only focuses on achieving domestic inflation targets. Copyright 1997 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Cassard, Marcel & Lane, Timothy D & Masson, Paul R, 1997. "Core ERM Money Demand and Effects on Inflation," The Manchester School of Economic & Social Studies, University of Manchester, vol. 65(1), pages 1-24, January.
  • Handle: RePEc:bla:manch2:v:65:y:1997:i:1:p:1-24
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    Cited by:

    1. Hayo, Bernd, 1999. "Estimating a European Demand for Money," Scottish Journal of Political Economy, Scottish Economic Society, vol. 46(3), pages 221-244, August.
    2. Kai Carstensen & Jan Hagen & Oliver Hossfeld & Abelardo Salazar Neaves, 2009. "Money Demand Stability And Inflation Prediction In The Four Largest Emu Countries," Scottish Journal of Political Economy, Scottish Economic Society, vol. 56(1), pages 73-93, February.

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