predicting euro area inflation. Excess liquidity is measured as the difference between the actual money stock and its fundamental … inflation, if the forecasting equations are based on measures of excess liquidity. …

This paper examines the forecasting performance of a broad monetary aggregate (M3) in predicting euro area inflation … even in the period of the financial and economic crisis. Monetary indicators are useful to predict inflation at the longer … money and inflation, central banks should implement exit strategies from the current policy path, as soon as the financial …

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 … ; money overhang ; inflation forecast …

Inflation is a monetary phenomenon. While this statement is widely accepted in terms of a long-run relationship, the … quantity theory has been made operational also for the short-run dynamics of inflation by so-called Pstar models. An error … inflation. The response of the HICP is strongly positive. Other factors such as raw material prices and unit labor costs also …

This paper examines the forecasting performance of a broad monetary aggregate (M3) in predicting euro area inflation … even in the period of the financial and economic crisis. Monetary indicators are useful to predict inflation at the longer … money and inflation, central banks should implement exit strategies from the current policy path, as soon as the financial …

elasticity of money demand after 2001 is taken into account. Measures of excess liquidity do not show significant inflation …

coins and banknotes. The monetary overhang and the real money gap do not indicate significant inflation pressures. The …

coins and banknotes. The monetary overhang and the real money gap do not indicate significant inflation pressures. The …