Is the euro area M3 abandoning us
作者： João Sousa , Nuno Alves , Carlos Robalo Marques
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摘要: This paper reassesses the role of M3 aggregate for monetary policy purposes in euro area. Using data until 2006Q4 it is shown that ceased to display empirical properties supported its prominent ECB’s strategy. On one hand, when most recent are used analysis there strong evidence cointegration breakdown money demand models as well "two-pillar Phillips curves" with filtered data. other leading indicator inflation area have also deteriorated markedly years. by both time and frequency domains.
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