Reimers, Hans-Eggert - In: Swiss Journal of Economics and Statistics (SJES) 139 (2003) II, pp. 231-252
euro area, where simple sum and Divisia monetary aggregates are used. Adapting an in-sample analysis, all real monetary …. The out-of-sample forecasting exercise presents evidence that broadly defined monetary aggregates reduce the forecast … aggregates help to explain the output gap of the euro area regardless of what real interest rate is used to explain the IS curve …