Kaufmann, Sylvia; Kugler, Peter - Oesterreichische Nationalbank - 2005
in the euro area. We analyse the short and long run interrelationship between inflation and money growth in an error … de-emphasised first pillar of the ECB strategy. According to our results, however, an M3-growth rate of slightly above 5 …% is compatible with a non-accelerating average rate of inflation of 2%. …