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 …

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