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Does Money Matter in the Euro area? Evidence from a new Divisia Index. Bruegel Working Paper 2014/12, 6 November 2014

Darvas, Zsolt (2014) Does Money Matter in the Euro area? Evidence from a new Divisia Index. Bruegel Working Paper 2014/12, 6 November 2014. [Working Paper]

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    Abstract

    The purpose of this paper is to examine the possible role of money shocks on output and prices in the euro area. Since no Divisia monetary aggregates are available for the euro area, we first create and make available a database on euro-area Divisia monetary aggregates. We plan to update the dataset in the future and keep it publicly available. Using different SVAR models, we find sensible and statistically significant responses to Divisia money shocks, while the responses to simple-sum measures of money and interest rates are not statistically significant, and sometimes even the point estimates are not sensible.

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    Item Type: Working Paper
    Uncontrolled Keywords: Money shock.
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > economic and financial affairs > EMU/EMS/euro
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Bruegel (Brussels) > Working Papers
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 07 Nov 2014 09:00
    Number of Pages: 43
    Last Modified: 07 Nov 2014 09:00
    URI: http://aei.pitt.edu/id/eprint/57190

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