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

Zsolt Darvas

Economics Letters, 2015, vol. 133, issue C, 123-126

Abstract: 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.

Keywords: Divisia; Monetary aggregation; Monetary policy; Structural VAR (search for similar items in EconPapers)
JEL-codes: C32 C82 E51 E58 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (25)

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Related works:
Working Paper: Does Money Matter in the Euro area? Evidence from a new Divisia Index (2014)
Working Paper: Does money matter in the euro area? Evidence from a new Divisia index (2014)
Working Paper: Does money matter in the euro area? Evidence from a new Divisia index (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:133:y:2015:i:c:p:123-126

DOI: 10.1016/j.econlet.2015.05.034

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