Abstract
The logical implications of aggregation and, hence, some accessory properties expected in a European money demand function are explored by aggregation theory. This theory is well developed for the case of un-weighted linear aggregation of static linear relations between stationary variables. One popular 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.
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© 2003 Springer-Verlag Berlin Heidelberg
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Plassmann, E. (2003). Aggregation. In: Econometric Modelling of European Money Demand. Contributions to Economics. Physica, Heidelberg. https://doi.org/10.1007/978-3-642-57336-1_5
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DOI: https://doi.org/10.1007/978-3-642-57336-1_5
Publisher Name: Physica, Heidelberg
Print ISBN: 978-3-7908-1522-1
Online ISBN: 978-3-642-57336-1
eBook Packages: Springer Book Archive