We analyse the distribution of the TARGET cross-border interbank payment flows, from both a cross-section and time … confirmed also by a model developed drawing on the gravity models literature. Second, we find that the payment traffic in TARGET … liquidity conditions and to the turnover of the euro area money market, (particularly the unsecured overnight segment). Our …

of both having a quantitative target, and of hitting a declared target; we also consider effects on output volatility … systematically and robustly associated with lower inflation. The exact form of the monetary target matters somewhat (especially for … the sustainability of the monetary regime), but is less important than having some quantitative target. Successfully …

This paper tests the hypothesis on market efficiency for returns on the euro against fifteen currencies while assuming …