Based on a literature review, this paper investigates the reasons why broad money demand has usually been found to be more stable in the euro area than in other large economies. The paper concludes that there are three main explanations for this fact. First, in some countries outside the euro...

Dieser Aufsatz beleuchtet auf der Grundlage eines Überblicks über die Fachliteratur die Faktoren, die als Erklärung dafür gelten können, dass die Nachfrage nach Geldmengenaggregaten in weiter Abgrenzung im Euro-Raum im Allgemeinen stabiler ist als in anderen großen Volkswirtschaften wie...

This paper tests whether the proposition that globalisation has led to greater sensitivity of domestic inflation to the global output gap (the global output gap hypothesisʺ) holds for the euro area. The empirical analysis uses quarterly data over the period 1979-2003. Measures of the global...

This paper tests whether the proposition that globalisation has led to greater sensitivity of domestic inflation to the global output gap (the quot;global output gap hypothesisquot;) holds for the euro area. The empirical analysis uses quarterly data over the period 1979-2003. Measures of the...