{"id":115630,"date":"2024-01-22T19:33:31","date_gmt":"2024-01-22T18:33:31","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/115630\/"},"modified":"2025-10-22T21:49:12","modified_gmt":"2025-10-22T19:49:12","slug":"the-instability-of-money-demand-in-the-euro-area-lessons-from-a-cross-country-analysis","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/115630\/","title":{"rendered":"The (In)stability of Money Demand in the Euro Area: Lessons from a Cross-country Analysis"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-115630","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results obtained from panel estimation indicate that the observed instability of standard money demand functions could be explained by omitted variables like, e.g., technological progress that are important for money demand but constant across member countries.","onlinedate":"2011-11-01 01:00:00","lang":"English","publication_series":"","publication_date":"20111101","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Cross-country analysis\",\"Euro area\",\"Money demand\",\"Panel error correction model\"]","jelcodes":"[]","related_publications":"[]","pdf":null,"zip":null,"link":"http:\/\/www.springer.com\/10663","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"38","monthly_report_pages":"539-553","monthly_report_pages_sort":"539","issue":"4","journal":"Empirica","publisher":"","invisible":false,"external":true,"embargo_date":null,"types":[83083],"research_groups":[3500],"collaboration":"","persons":[14167,14165],"persons_data":"[{\"personId\":14167,\"personName\":\"Dieter Nautz\",\"organisationNames\":[]},{\"personId\":14165,\"personName\":\"Ulrike Rondorf\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - 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