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dc.contributor.authorCARSTENSEN, Kai
dc.contributor.authorHAGEN, Jan
dc.contributor.authorHOSSFELD, Oliver
dc.contributor.authorNEAVES, Abelardo Salazar
dc.date.accessioned2011-04-19T12:46:52Z
dc.date.available2011-04-19T12:46:52Z
dc.date.issued2009
dc.identifier.citationScottish Journal of Political Economy, 2009, 56, 1, 73-93
dc.identifier.issn0036-9292
dc.identifier.urihttp://hdl.handle.net/1814/16411
dc.description.abstractIn this paper, we analyze the money demand functions of the four largest EMU countries and of the four-country (EMU-4) aggregate. We identify reasonable and stable money demand relationships for Germany, France and Spain as well as the EMU-4 aggregate. For the case of Italy, results are less clear. From the estimated money demand functions, we derive both EMU-4 and country-specific measures of money overhang. We find that the EMU-4 overhang measure strongly correlates with the country-specific measures, particularly since the start of EMU, and is useful to predict country-specific inflation. However, it generally does not encompass country-specific money overhang measures as predictors of inflation. Hence, aggregate money overhang is an important, but by far not an exhaustive, indicator for the disaggregate level.
dc.language.isoen
dc.publisherBlackwell Publishing
dc.subjectE41
dc.subjectE52
dc.subjectMoney demand
dc.subjectstability
dc.subjectmoney overhang
dc.subjectinflation forecast
dc.titleMoney Demand Stability and Inflation Prediction in the Four Largest EMU Countries
dc.typeArticle
dc.identifier.doi10.1111/j.1467-9485.2009.00473.x
dc.neeo.contributorCARSTENSEN|Kai|aut|
dc.neeo.contributorHAGEN|Jan|aut|
dc.neeo.contributorHOSSFELD|Oliver|aut|
dc.neeo.contributorNEAVES|Abelardo Salazar|aut|
dc.identifier.volume56
dc.identifier.startpage73
dc.identifier.endpage93
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dc.identifier.issue1


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