Abstract
In this paper different Divisia monetary aggregates for the euro area are constructed over the period from 1980 to 2000. Empirically the aggregates are compared in respect of money demand functions. First, the demand for the Divisia aggregates are evaluated using the cointegrated VEC model and single equation techniques where stable demand functions are estimated. Second, their controllability is investigated.
Most of this research was conducted during my stay at the Deutsche Bundesbank as a visiting researcher (April-August 2001). The hospitality of the Bundesbank is greatly appreciated. I am grateful to seminar participants at the Deutsche Bundesbank for their useful comments. I like to express my special thanks to Heinz Herrmann, Julian Reischle, Michael Scharnagl and Karl-Heinz Tödter. The views expressed in this study are my own and are not necessarily those of the Deutsche Bundesbank.
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Reimers, HE. (2002). Comparison of M3 and Divisia M3 Aggregates for the Euro Area. In: Klein, I., Mittnik, S. (eds) Contributions to Modern Econometrics. Dynamic Modeling and Econometrics in Economics and Finance, vol 4. Springer, Boston, MA. https://doi.org/10.1007/978-1-4757-3602-1_12
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DOI: https://doi.org/10.1007/978-1-4757-3602-1_12
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