Editorial
In this paper, Markus Knell and Helmut Stix perform a meta-analysis of empirical money demand studies involving almost 500 individual money demand estimations. They analyze whether the wide variety of results can be explained by characteristics of the studies, different macroeconomic environ-ments or the imprecision of individual estimates. The authors find that estimates for the income elasticity of money are systematically related to various study characteristics (e.g., broadness of the monetary aggregate, inclusion of financial innovation and wealth, etc). Also, the macroeconomic environment (inflation, nominal and real uncertainties) seems to play a role. Nevertheless, a substantial part of the variability remains unexplained. Their findings thus raise some doubts about the robustness and reliability of money demand estimations.