Wealth Effects on Money Demand in EMU: Econometric Evidence

Organisation for Economic Co-operation and Development2026-04-11 收录

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This paper investigates the determinants of money demand (M3) in the euro area. It specifically examines the potential impact of financial and housing wealth on money demand. It tests the hypothesis, whether wealth associated with increases in asset prices is used to finance liquidity holdings in a standard portfolio context. Regressing velocity...