In this paper, an empirically stable money demand model for M3 in the euro area is constructed. Starting with a …

. The paper focuses on the euro area and utilises two variants of an estimated small-scale macroeconomic model featuring …

the determination of inflation and output in the euro area and the existence of a non-vertical long-run Phillips curve … complements an investigation of the consequences of the zerointerest- rate bound for monetary policy-making in the euro area, the …

in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the …

This paper provides a detailed description of an extended version of the ECB's New Area-Wide Model (NAWM) of the euro … of bank lending rates and the gradual interest-rate pass-through in the transmission of monetary policy in the euro area …