English, Article, Journal or magazine article edition: Aggregation Bias in Estimating European Money Demand Functions Wesche, Katrin

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Bookmark: http://trove.nla.gov.au/version/52160
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Aggregation Bias in Estimating European Money Demand Functions
Author
  • Wesche, Katrin
Physical Description
  • preprint
Notes
  • Recently, money demand functions for a group of European countries have been estimated and generally have been found to perform better than most national money demand functions. While parameter equality is a sufficient condition for valid aggregation of linear equations, in money demand estimation often log-linear specifications are used, so that aggregation is in effect nonlinear. This makes the relation between the aggregate and the individual equations more complicated. To investigate if the conditions for unbiased linear aggregation are also valid for logarithmic aggregation, a simulation study is performed.
  • Demand for Money, Nonlinear Aggregation, European monetary Union
  • RePEc:bon:bonsfb:393
Language
  • English
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