✦ LIBER ✦

A small monetary system for the euro area based on German data

✍ Scribed by Ralf Brüggemann; Helmut Lütkepohl

Publisher: John Wiley and Sons
Year: 2006
Tongue: English
Weight: 234 KB
Volume: 21
Category: Article
ISSN: 0883-7252
DOI: 10.1002/jae.864

No coin nor oath required. For personal study only.

✦ Synopsis

Abstract

Previous euro area money demand studies have used aggregated national time series data from the countries participating in the European Monetary Union (EMU). However, aggregation may be problematic because macroeconomic convergence processes have taken place in the countries of interest. Therefore, in this study, quarterly German data until 1998 are combined with data from the euro area from 1999 until 2002 and these series are used for fitting a small vector error correction model for the monetary sector of the EMU. A stable long‐run money demand relation is found for the full sample period. Moreover, impulse responses do not change much when the sample period is extended by the EMU period provided the break in the extended data series is captured by a simple dummy variable. Copyright © 2006 John Wiley & Sons, Ltd.

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