This paper explores the stability of the relation between money demand for M3 and inflation in the euro area by … including the recent period of the financial crisis. Evidence is based on a cointegration analysis, where inflation and asset … inflation are identified. The results indicate that the equilibrium evolution of M3 is still in line with money demand. In the …

This paper explores the stability of the relation between money demand for M3 and inflation in the euro area by … including the recent period of the financial crisis. Evidence is based on a cointegration analysis, where inflation and asset … inflation are identified. The results indicate that the equilibrium evolution of M3 is still in line with money demand. In the …

-term horizons of less than two years. Furthermore, the market expectation formation processes of short-term interest rates change …

that the happiness level of those whose expectation of the election results were realized did not change, while that of … those whose expectation differed from the reality changed substantially. In a word, only unexpected results matter. …