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 …

Monetary growth in the euro area has exceeded its target level especially since 2001. Likewise, recent empirical …

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

predicting euro area inflation. Excess liquidity is measured as the difference between the actual money stock and its fundamental …