Minenna, Marcello; Dosi, Giovanni; Roventini, Andrea - In: European Journal of Economics and Economic Policies: … 16 (2019) 2, pp. 169-175
In response to our paper, 'ECB monetary expansions and euro area TARGET2 imbalances: a balance-of-payment-based decomposition,' Professor Andrea Terzi has criticized our approach of TARGET2 balance decomposition, by highlighting a lack of causality between balance-of-payments (BP) flows and...