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...

The paper explores the economic properties of several measures of EU-wide money that include different definitions of cross-border holdings (CBHs). "Very broad" aggregates are poorly linked with EU-wide income and price developments; in contrast, the demand for aggregates which is "focused on...