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

被引:16
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
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
收藏
页码:123 / 126
页数:4
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