appear to be due to a failure to distinguish between the monetary base (a central bank liability concept) and the liquidity … liabilities essentially contradicts the idea of a monetary union. -- TARGET2 ; central bank balance sheet ; liquidity deficit …

The aim of this note is to provide an overview of various measures of "excess liquidity", which can be defined as the … deviation of the actual stock of money from an estimated equilibrium level. Given their dynamic nature, the excess liquidity … price pressures. In addition, excess liquidity measures consider inflation as a purely monetary phenomenon: neither the …

liquidity are evaluated by means of an agnostic approach. Results show that shocks to monetary aggregates permanently raise … short-run effect on output. Liquidity shocks account for a non-negligible share of economic fluctuations. Finally, the … linkages with financial markets are examined: the effects of liquidity do not vanish when accounting for financial variables …