longer-run inflation developments in the euro area. Employing an eclectic approach we consider various relevant theories …-frequency variations of inflation. Money growth is found to be causal for inflation only if other variables are omitted, which we therefore … treibenden Kräfte hinter den längerfristigen Inflationsentwicklungen in der Eurozone. Wir verwenden einen eklektischen Ansatz …

The quantity theory of money predicts a positive relationship between monetary growth and inflation over long …-run horizons. However, in the short-run, transitory shocks to either money or inflation can obscure the inflationary signal …. A "money augmented"; Phillips curve that links inflation to money tightness and demand shocks of medium to long …