Berger, Helge; Harjes, Thomas - Fachbereich Wirtschaftswissenschaft, Freie Universität … - 2008
sovereign monetary policy even in large economies such as the euro area. However, there is still discussion about what … developments from a euro area perspective. We find that both excess liquidity in Japan and, in particular, the U.S. tend to lead … developments in euro area liquidity. U.S. excess liquidity also enters consistently positive as a determinant of euro area …