Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find …, a rise in the income elasticity after 2001 is taken into account. The break might be linked to the introduction of euro …

This paper sets out to build a synthetic quarterly Divisia monetary aggregate for the euro area using area wide data … regards future output and inflation in the euro area is analysed. The outcome of this analysis suggests that the Divisia … important role in shaping monetary policy in the euro area …

This paper builds a quarterly Divisia monetary aggregate for the euro area using area-wide data over the sample period … sense - liquidity services should be assigned an important role in shaping monetary policy in the euro area, although the …

Monetary growth in the euro area has exceeded its target since several years. At the same time, the money demand …

Monetary growth in the euro area has exceeded its target since several years. At the same time, the money demand …

recent years, the dynamics of M3 in the euro area have been driven by two factors: a strong preference for liquidity …. Equity market developments therefore appear to be a significant explanatory factor for the dynamics of M3 in the euro area … with European stock price developments, point to moderate but persistent excess liquidity in the euro area …

evaluation exercise by means of a recent time-varying cointegration test. A stable relation for euro area M3 is not rejected by …

The long-run relationship between money and prices in the euro area embedded in traditional money demand models with …, and two equilibria for the euro area and the US financial markets. Steady state equilibrium of nominal M3 growth is … euro area M3 growth and model-based fitted or predicted values helps forecast euro area inflation. …