Berger, Helge; Harjes, Thomas; Stavrev, Emil - International Monetary Fund (IMF) - 2008
Monetary aggregates continue to play an important role in the ECB's policy strategy. This paper revisits the case for … money, surveying the ongoing theoretical and empirical debate. The key conclusion is that an exclusive focus on non-monetary … factors alone may leave the ECB with an incomplete picture of the economy. However, treating monetary factors as a separate …