Gern, Klaus-Jürgen; Kamps, Christophe; Scheide, Joachim - Institut für Weltwirtschaft (IfW) - 2002
below their historical average. Therefore, economic activity is stimulated by monetary policy. Until spring 2003, the ECB … deviation from its trend. According to the judgment of the ECB, the demand for M3 has become unstable only in the short run due … of money growth should not be used as an indication that monetary policy is tight and needs to be loosened because the …