NDLI: Money Demand and the Role of Monetary Indicators in Forecasting Euro Area Inflation 1064 Discussion Papers

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Money Demand and the Role of Monetary Indicators in Forecasting Euro Area Inflation 1064 Discussion Papers

Content Provider	Semantic Scholar
Author	Dreger, Christian
Copyright Year	2010
Abstract	This paper examines the stability of money demand and the forecasting performance of a broad monetary aggregate (M3) in predicting euro area inflation. Excess liquidity is measured as the difference between the actual money stock and its fundamental value, the latter determined by a money demand function. The out-of sample forecasting performance is compared to widely used alternatives, such as the term structure of interest rates. The results indicate that the evolution of M3 is still in line with money demand even in the period of the financial and economic crisis. Monetary indicators are useful to predict inflation, if the forecasting equations are based on measures of excess liquidity.
File Format	PDF HTM / HTML
Alternate Webpage(s)	http://www.fiw.ac.at/fileadmin/Documents/Publikationen/Working_Paper/N_119-DregerWolters.pdf
Alternate Webpage(s)	http://isiarticles.com/bundles/Article/pre/pdf/47615.pdf
Alternate Webpage(s)	https://www.econstor.eu/bitstream/10419/121113/1/N_119.pdf
Alternate Webpage(s)	https://www.diw.de/documents/publikationen/73/diw_01.c.361778.de/dp1064.pdf
Alternate Webpage(s)	https://www.econstor.eu/bitstream/10419/49454/1/667373012.pdf
Alternate Webpage(s)	https://www.fiw.ac.at/fileadmin/Documents/Publikationen/Working_Paper/N_119-DregerWolters.pdf
Language	English
Access Restriction	Open
Subject Keyword	Advance Directive - Proxy Aggregate data Autoregressive model Bank (environment) Benchmark (computing) Error correction model Euro currency European Chemicals Bureau Money Normality Unit Offset binary Projections and Predictions Proxy server Specification
Content Type	Text
Resource Type	Discussion

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