Brill, Maximilian C.; Nautz, Dieter; Sieckmann, Lea - In: Empirica 48 (2020) 1, pp. 247-278
Since the run-up to the great recession, there has been a significant degree of heterogeneity across euro area … of monetary assets within and across member countries, we propose a Divisia monetary aggregate for the euro area. In line … between the Divisia and the simple sum aggregate has a significant predictive content for recessions in euro area countries. …