area between 1999 and 2012. There are marked differences in the effect of increases in monetary aggregates in China, Japan … and the U.S. on Euro area economic and financial variables over 1999–2012. Increases in monetary aggregates in China are … consequences for the Euro area economy. In contrast, increases in monetary aggregates in Japan are associated with significant …

United States using monthly data and the new CFS Divisia monetary aggregates, extending the work in Serletis and Shahmoradi …>). We present evidence that increased uncertainty about the growth rate of the CFS Divisia M1, M2M, and M4+ monetary … aggregates is associated with a lower average growth rate of real economic activity in the United States. We also argue that …