of the euro area. For this purpose, we differentiate between the departure of weak and strong countries, and examine the …

In this paper we examine why monetary aggregates of euro area Member States have developed differently since the … inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution …

-run relationship between loan rates and the Euro OverNight Index Average (EONIA). From these findings, we allow for different nonlinear …