Ferrero, Giuseppe; Nobili, Andrea; Passiglia, Patrizia - In: Applied Economics 43 (2011) 23, pp. 3213-3230
The strong and prolonged deviation of money growth from its reference value since 2001 has caused concern among policy-makers about the upside risks to price stability from monetary developments. In this article we provide evidence that these risks might have been smaller until 2005 than...