In this paper, different Divisia monetary aggregates for the euro area are constructed over the period from 1980 to 2000. Theoretically, one main difference of these aggregates is their reaction to exchange-rate variations. Empirically, the aggregates are compared with respect to three issues....

In this paper, different Divisia monetary aggregates for the euro area are constructed over the period from 1980 to 2000. Theoretically, one main difference of these aggregates is their reaction to exchange-rate variations. Empirically, the aggregates are compared with respect to three issues....

Mit dem Übergang zu einer gemeinsamen Währung in Europa stellt sich die Frage, ob die Europäische Zentralbank eine Politik der Geldmengensteuerung betreiben kann. Dies erfordert die Existenz einer stabilen Geldnachfragefunktion na¤ch dem Übergang zu einer Europäischen Währungsunion. In...