assessed by looking at time series estimates of the eurozone money demand equation. This implicitly calls for a choice of … aggregation by adopting a (nonstationary) dynamic panel method that uses the data series for each of the eurozone countries by … itself. This shows that differences in the money demand equation across the eurozone countries are likely to exist. Not being …

the effects on excess money holdings and inflation are negative, but not significant. …

main conclusions are that permanently reducing the inflation objective depresses output in the first year, but has no real …

, five structural shocks to the economy are identified. In contrast to the euro area, output and inflation are not … targeting for Germany. Money seems not to be controllable and the leading indicator role of money for inflation is not detected. …

The relationship between monetary indicators and inflation is ussually assumed to be linear, implying that looser … monetary conditions always signal an increase in in.ation. Recently, money growth in the euro area surged while inflation … regression model to verify the claim that the impact of monetary indicators on future inflation varies conditional on stock price …

This paper examines whether the clarity of central bank communication about inflation has changed with the economic … environment. We use readability statistics and content analysis to study the clarity of communication on the inflation outlook by … explaining their policies when faced with higher uncertainty or a less favorable inflation outlook. The global financial crisis …

of inflation risks. The empirical application shows that trading off monetary and macroprudential policy reduces the … overall costs related to inflation and financial instability. This can be achieved by changing the preferences of the central … bank, lengthening the monetary policy horizon and by a more flexible inflation target. Estimation results of a probit model …