Does money matter in the euro area? Evidence from a new Divisia index

被引：15

作者：

Darvas, Zsolt ^{[1
,2
,3
]}

机构：

[1] Bruegel, B-1210 Brussels, Belgium

[2] Hungarian Acad Sci, Ctr Econ & Reg Studies, H-1112 Budapest, Hungary

[3] Corvinus Univ Budapest, H-1093 Budapest, Hungary

来源：

ECONOMICS LETTERS | 2015年 / 133卷

关键词：

Divisia; Monetary aggregation; Monetary policy; Structural VAR; MONETARY-POLICY; AGGREGATION;

D O I：

10.1016/j.econlet.2015.05.034

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We create a euro-area Divisia-money dataset and estimate theoretically correct responses to money, user cost and interest rate shocks using structural vector-autoregressions. Our findings suggest that money matters for output, prices and interest rates, while the European Central Bank can influence monetary developments. (C) 2015 Elsevier B.V. All rights reserved.

引用

页码：123 / 126

页数：4

共 50 条

[1] DOES MONEY MATTER FOR INFLATION IN THE EURO AREA?
Kaufmann, Sylvia
Kugler, Peter
[J]. CONTEMPORARY ECONOMIC POLICY, 2008, 26 (04) : 590 - 606
[2] Does liquidity matter? Properties of a divisia monetary aggregate in the Euro area
Stracca, L
[J]. OXFORD BULLETIN OF ECONOMICS AND STATISTICS, 2004, 66 (03) : 309 - 331
[3] Does liquidity matter for money demand in euro area countries?
Jung, Alexander C.
[J]. ECONOMICS BULLETIN, 2015, 35 (02): : 1383 - 1391
[4] NEW EVIDENCE ON THE MOTIVES FOR HOLDING EURO AREA MONEY
De Bondt, Gabe J.
[J]. MANCHESTER SCHOOL, 2010, 78 (03): : 259 - 278
[5] Does export concentration matter in economic adjustment programs? Evidence from the euro-area
Esteves, Paulo Soares
Prades, Elvira
[J]. JOURNAL OF POLICY MODELING, 2018, 40 (02) : 225 - 241
[6] Does money include information for prices in the Euro area?
Reimers, HE
[J]. JAHRBUCHER FUR NATIONALOKONOMIE UND STATISTIK, 2003, 223 (05): : 581 - 602
[7] Does local and Euro area sentiment matter for sovereign debt markets? Evidence from a bailout country
Fernandes, Carla
Gama, Paulo M.
Vieira, Elisabete
[J]. APPLIED ECONOMICS, 2016, 48 (09) : 816 - 834
[8] Money demand in the euro area: New insights from disaggregated data
Setzer R.
Wolff G.B.
[J]. International Economics and Economic Policy, 2013, 10 (2) : 297 - 315
[9] INTERPRETING THE EVIDENCE ON DOES MONEY MATTER
MURNANE, RJ
[J]. HARVARD JOURNAL ON LEGISLATION, 1991, 28 (02) : 457 - 464
[10] DOES MONEY MATTER - THE ROBUSTNESS OF EVIDENCE FROM VECTOR AUTOREGRESSIONS
SPENCER, DE
[J]. JOURNAL OF MONEY CREDIT AND BANKING, 1989, 21 (04) : 442 - 454

← 1 2 3 4 5 →