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

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