The aim of this note is to provide an overview of various measures of excess liquidity, which can be defined as the deviation of the actual stock of money from an estimated equilibrium level. Given their dynamic nature, the excess liquidity measures under review are - in the light of long and...

The aim of this note is to provide an overview of various measures of excess liquidity, which can be defined as the deviation of the actual stock of money from an estimated equilibrium level. Given their dynamic nature, the excess liquidity measures under review are - in the light of long and...

The aim of this note is to provide an overview of various measures of “excess liquidity”,which can be defined as the deviation of the actual stock of money from an estimated equilibriumlevel. Given their dynamic nature, the excess liquidity measures under review are - in thelight of long and...

The aim of this note is to provide an overview of various measures of "excess liquidity", which can be defined as the deviation of the actual stock of money from an estimated equilibrium level. Given their dynamic nature, the excess liquidity measures under review are - in the light of long and...

The purpose of this study is to investigate the dynamic relationships between some key variables for the euro area by means of a systems approach (i.e. so-called Vector Autoregression) and to simulate their responses with respect to monetary policy shocks. The main result is that rather simple...

This paper tackles the issue of the incompleteness of information available to the central bank when taking its monetary policy decisions. It is focused on euro area data and based on the simplistic assumption of the central bank following a simple monetary policy rule à-la-Taylor. Along the...