Euro Area Money Demand Measuring the Opportunity Costs Appropriately

147 citations recorded by the source corpus.

Citations in the corpus

Interest Rate Pass-Through: Empirical Results for the Euro Area (2005, unknown): “For money demand in the euro area Calza et al. (2001) find a semi-elasticity with respect to the opportunity cost of M3 between 0.6 and 0.9.”
Assessing excess liquidity in the euro area: the role of sectoral distribution of money (2011, unknown): “9All values are re-scaled to average zero over the entire sample period as in Calza et al. (2001). a sample period beginning in the year 1980, we also report in the figure our monetary overhang measure stemming from an equilibrium level for money velocity based on a linear regression over the…”
Heterogeneity in Money Holdings Across Euro Area Countries: The Role of Housing (2011, unknown): “5 Earlier studies of money demand identified stable relationships among real balances, real income and interest rates in the euro area (see e.g. Calza et al., 2001).”
Is the Demand for Euro Area M3 Stable? (2003, unknown): “Calza et al. (2001), who did use an average own rate of return of M3, included both the spread between the long-term market interest rate and their own rate measure, and the spread between the short-term market interest rate and the own rate as possible opportunity cost variables.”