Brun, Matthieu; Dreyfus, Alain; Avouyi-Dovi, Sanvi; … - Université Paris-Dauphine (Paris IX) - 2005
In recent years, the dynamics of M3 in the euro area have been driven by two factors : a strong preference for … the euro area. Lastly, estimates of the real money gap, based on the money demand equation factoring in the substitution … effect associated with European stock price developments, point to moderate but persistent excess liquidity in the euro area. …