within a panel cointegration framework. Besides the total net issues, we distinguish between large, medium and small euro …

panel cointegration framework. Besides the traditional determinants of cash demand like transactions balances and …

cointegration linking interest rates and inflation, and stationarity of the real interest rate implying in turn homogeneity of the … favor of cointegration is weak over periods of high inflation. The Fisher coe±cient turns out to be remarkably stable and is …