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New Evidence On The Motives For Holding Euro Area Money

  • GABE J. DE BONDT
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    This study focuses on the role of equity and labour markets for holding euro area money. Equity affects money demand positively through wealth effects (financial transaction motive) and negatively via substitution effects from the expected return on equity (speculative motive). A precautionary motive is captured by the annual change in the unemployment rate. The empirical results show that equity and labour markets do matter for euro area money demand since 1983. This finding is robust across different proxies for the augmented motives and a shorter sample starting in 1994. Copyright � 2010 The Author. Journal compilation � 2010 Blackwell Publishing Ltd and The University of Manchester.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-9957.2009.02138.x
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    Article provided by University of Manchester in its journal The Manchester School.

    Volume (Year): 78 (2010)
    Issue (Month): 3 (06)
    Pages: 259-278

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    Handle: RePEc:bla:manchs:v:78:y:2010:i:3:p:259-278
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