assessed by looking at time series estimates of the eurozone money demand equation. This implicitly calls for a choice of … aggregation by adopting a (nonstationary) dynamic panel method that uses the data series for each of the eurozone countries by … itself. This shows that differences in the money demand equation across the eurozone countries are likely to exist. Not being …

been subject to a weakly exogenous characteristic and conclude that the main factors leading to domestic inflation are …

equation, and inflation was driven mainly by the money gap. After a striking changeover, from 1983 until 2000 the demand for … currency took a very different form, and inflation was determined by the markup without an explicit effect from money. However …

subsequent inflation when accounting for equilibrium velocity movements due to inflation regimes changes. These movements, driven … equilibrium velocity and interest rate movements biases cross-country and time series dynamic money growth / inflation estimated …

low but still positive rates of inflation, provides an adequate approximation in welfare terms to the alternative of …