This paper explores the economic properties of several EC-wide monetary aggregates which are extended to include different measures of cross-border holdings (CBHs). The EC-wide aggregate obtained by simply adding national definitions of broad money is used as a benchmark, since econometric...

This paper explores the economic properties of several EC-wide monetary aggregates which are extended to include different measures of cross-border holdings (CBHs). The EC-wide aggregate obtained by simply adding national definitions of broad money is used as a benchmark, since econometric...

This paper puts forward a characterization of the structural features of the economic system relevant to the monetary-policy decisions of the European Central Bank. The econometric analysis adopts a parsimonious VAR representation of three key macroeconomic variables (interest rates, prices and...

This paper analyzes the impact of news on several Italian financial variables, paying particular attention to the effect on the conditional volatility of these variables. The analysis spans a period of great financial and political turbulence in Italy, including the rapid succession of three...

Co-integration analysis and error-correction modelling show that a stable and predictable aggregate demand for broad money holds for the group of countries participating in the Exchange Rate Mechanism (ERM) of the European Monetary System. This result seems robust to different econometric...

This paper explores the economic properties of several EC-wide monetary aggregates which are extended to include different measures of cross-border holdings (CBHs). The EC-wide aggregate obtained by simply adding national definitions of broad money is used as a benchmark, since econometric...

Co-integration analysis and error-correction modelling show that a stable and predictable aggregate demand for broad money holds for the group of countries participating in the Exchange Rate Mechanism (ERM) of the European Monetary System. This result seems robust to different econometric...