aggregate. For the case of Italy, results are less clear. From the estimated money demand functions, we derive both EMU-4 and …-specific measures, particularly since the start of EMU, and is useful to predict country-specific inflation. However, it generally does … not encompass country-specific money overhang measures as predictors of inflation. Hence, aggregate money overhang is an …

aggregate. For the case of Italy, results are less clear. From the estimated money demand functions, we derive both EMU-4 and … countryspecific measures, particularly since the start of EMU, and is useful to predict country-specific inflation. However, it … generally does not encompass country-specific money overhang measures as predictors of inflation. Hence, aggregate money …

values of the standard Solow productivity residual. The equivalence holds if the representative household maximizes utility … Britain, Italy, and Spain), using industry]level (EU]KLEMS) and firm]level (Amadeus) data. After adding further assumptions …