Santis, Roberto A. De; Favero, Carlo A.; Roffia, Barbara - In: Journal of International Money and Finance 32 (2013) C, pp. 377-404
This paper argues that a stable broad money demand for the euro area over the period 1980–2011 can be obtained by modelling cross border international portfolio allocation. As a consequence, model-based excess liquidity measures, namely the difference between actual M3 growth (net of the...