Dreger, Christian; Wolters, Jürgen - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008
Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find … the ECB strategy has to be doubted. In contrast to the bulk of the literature, we are able to identify a stable long run …, a rise in the income elasticity after 2001 is taken into account. The break might be linked to the introduction of euro …