On Money and Output in the Euro Area: Is Money Redundant?

Costas Karfakis

International Economic Journal, 2013, vol. 27, issue 3, 487-496

Abstract: This paper examines the relationship between money and future movements in output at business-cycle frequencies in the euro area. Importantly, the evidence suggests that the money stock is found to significantly affect output independent of the real interest rate. This finding supports the argument made by Meltzer (2001) that the effects of monetary policy actions on the real economy are not fully captured by the short-term real rate.

Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:taf:intecj:v:27:y:2013:i:3:p:487-496

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DOI: 10.1080/10168737.2012.676060

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