Titlebook: Econometric Modelling of European Money Demand; Aggregation, Cointeg Engelbert Plassmann Book 2003 Springer-Verlag Berlin Heidelberg 2003 C

originality

Aggrandize

LUT

James F. Winchester M.B., M.R.C.P.ular result states that parameter equality across countries is a condition for ‘safe’ aggregation. However, this conventional strand of aggregation theory does not really match the peculiarities encountered in the case of European money demand functions.

misanthrope

防水

Introduction, same concept - money - been subjected to such persistent torture, with such ingenious and innovative devices, in the hope that it will confess the secrets of some golden rule...” (Podolski 1986, p.218). The reason earning money demand this dubious distinction is twofold. First, the existence of an

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Econometric Modelling,nd the actual DGP giving rise to the observed data” (Spanos 1986, p.664). In the present chapter this bridge is discussed using two pillars, namely the transition from sample to population and the transition from population to structure.

blight

Autoregressive Probability Models,sic tool for modelling this unknown distribution. To be empirically acceptable, such a probability model should summarize all relevant sample information, i.e., account for important statistical properties of the data. A class of models suitable for the dynamic trending properties typically found in

occult

Structural ECM Models,o population. The relevant statistical theory, namely the cointegrated VAR model, was detailed in chapter 3. The second stage covers the transition from population to structure. The corresponding entrance of economic theory into the statistical model is detailed in the present chapter. To this end,

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overweight

Empirical Money Demand,ters. Specifically, the notion of money demand being first of all a theoretical idea and not necessarily a hidden empirical truth is expressed in the concept of an unknown DGP introduced in chapter 2. As a methodological consequence, the proper task of a probability model is not to cast some economi