Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find …, a rise in the income elasticity after 2001 is taken into account. The break might be linked to the introduction of euro …

euro area. To control for international spillovers, global VARs are also considered. Differences in the results can provide … a measure on the impact of financial market integration. The specifications point to some impact of liquidity shocks on …

This paper explores the stability of the relation between money demand for M3 and inflation in the euro area by …

should combine elements of market discipline with stabilisation in case of asymmetric shocks. Our proposal addresses the … shortcomings of most other reform designs, which fail to offer a solution for insolvent or non-cooperative euro countries. We …

predicting euro area inflation. Excess liquidity is measured as the difference between the actual money stock and its fundamental …

other reform designs which do not offer a solution for insolvent or noncooperative euro countries. We suggest a design which … combines fiscal insurance with an orderly procedure to restructure the debt of an insolvent euro member. We show that fiscal …

This paper explores the long run relationship between public and private investment in the euro area in terms of … investment might have restricted private investment and GDP growth in the euro area. The results have strong implications for the … future direction of fiscal austerity programs to combat the euro area debt crisis. …