more stable in the euro area than in other large economies. The paper concludes that there are three main explanations for … this fact. First, in some countries outside the euro area the sources of instabilities in money demand were country …-specific. Second, financial innovation appears to have had a weaker impact on money demand in the euro area than in other economies. A …

aggregation over countries. Our theory permits monitoring the effects of policy at the aggregate level over the euro area, while … also monitoring the distribution effects of policy among the countries of the euro area. Our approach requires the … simultaneous use of two inflation indexes over the euro area …

This paper re-examines two data issues concerning euro area money demand: aggregation of national data and measurement … of the own rate. The main purpose is to study if euro area money demand is subject to parameter non-constancies using …

This paper sets out to build a synthetic quarterly Divisia monetary aggregate for the euro area using area wide data … regards future output and inflation in the euro area is analysed. The outcome of this analysis suggests that the Divisia … important role in shaping monetary policy in the euro area …

A remarkable development seen in recent years is the pronounced decline in euro area M1 velocity vis-a-vis a moderate … estimate a demand function for euro area M1, in particular by investigating its functional form. While the double log function … is found to be very close to the true "deep" functional form of M1 demand in the euro area for most of the sample period …

In the last decade, advanced economies, including the euro area, experienced deflationary pressures caused by the …

requirements and holdings of equivalent central bank deposits - has tended to accumulate in specific euro area countries and in a … differences across the euro area and the "home bias" in euro area government bond holdings. Overall, the net cross-border flows of …

in the euro area. Overall, we find strong variation in the information content of these variables over time. We show that …

such a role requires that money has a stable relationship with the Euro area price level. Typically, the stability of this … suggested that the demand for Euro area broad money is stable over the long run because the estimation of an area-wide demand … analysis of the main econometric features of the money M3 demand at Euro area and single country levels, then it compares the …