aggregation across countries over the heterogeneous representative agents, and we derive the resulting formulas for stochastic … aggregation over countries. Our theory permits monitoring the effects of policy at the aggregate level over the euro area, while …

examining the consequences of temporal aggregation in (possibly) Granger causal systems of variables. Our approach is to compare … asymptotic theory based on large aggregation intervals we derive conditions for a correspondence between both concepts. These … results allow us to differentiate between spurious contemporaneous correlation arising because of aggregation, and true …