Brill, Maximilian; Nautz, Dieter; Sieckmann, Lea - 2019 - This version: June 25, 2019
We introduce a Divisia monetary aggregate for the euro area that accounts for the heterogeneity across member countries … difference between the growth rates of the country-specific Divisia aggregate and its simple sum counterpart is particularly … pronounced before recessions. The results obtained from a panel probit model confirm that the divergence between the Divisia and …