Stock Market Downswing and the Stability of European Monetary Union Money Demand
分析欧元区货币需求在2001年底M3增速远超欧洲央行参考值时是否发生结构性变化，发现加入股票收益和波动率的模型保持稳定，且高M3增长并未导致流动性过剩，不威胁价格稳定。
This article analyzes the question whether money demand in the euro area underwent a structural change in the end of 2001 when M3 money growth started to considerably overshoot the reference value set by the European Central Bank. It is found that conventional specifications of money demand have in fact become unstable, whereas specifications that are augmented with equity returns and volatility remain stable. Using such an augmented specification, it turns out that the high M3 growth rates have not led to excess liquidity and thus do not pose a measurable threat to price stability.