Money growth in the euro area has exceeded its target since 2001. Likewise, recent empirical studies did not find …, a rise in the income elasticity after 2001 is taken into account. The break might be linked to the introduction of euro … coins and banknotes. The monetary overhang and the real money gap do not indicate significant inflation pressures. The …

This paper examines the relation between money and housing variables in the euro area and in the US. Our empirical …-integrated money demand relationships can be established for both the euro area and the US. Furthermore, we find evidence for asset …

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 …

This paper investigates the causes behind the euro debt crisis, particularly Germany's role in it. It is argued that … of the matter, and they ultimately go back to competitive wage deflation on Germany's part since the late 1990s. Germany … threaten the euro's survival. The crisis in Euroland poses a global "too big to fail" threat, and presents a moral hazard of …

to resolve it. While Germany generally prevailed in hammering out the design of the euro policy regime, the German … misunderstanding has made Germany the main culprit in the euro crisis, but it has yet to face the full consequences of its actions …. Germany had sought every protection against the much-dreaded euro "transfer union", but its own conduct has made that very …

's international investment position would also loom. Appreciating Germany's own vulnerability to the euro crisis should help the … also good for the authorities in euro partner countries to recognize. Germany is bound to catch up with the reality that it …This paper investigates Germany's vulnerability to the ongoing Euroland crisis. In 2010-11, Germany experienced a …

) aggregate. We identify reasonable and stable money demand relationships for Germany, France and Spain as well as the EMU-4 …