Is M3 an appropriate aggregate for guiding ECB monetary policy?

This paper utilises an approach to long run modelling proposed by Pesaran, Shin and Smith (2001) to develop empirically weighted broad monetary aggregates for the Euro area. Two alternative aggregates are derived based upon the long run relationship between the M3 component assets and nominal income...

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Bibliographic Details
Main Authors: Leigh M. Drake, Terence Mills
Format: Default Preprint
Published: 2002
Subjects:
Other economics not elsewhere classified
Monetary policy
Monetary aggregation
Learning indicators
Inflation
Economics not elsewhere classified
Online Access:https://hdl.handle.net/2134/371
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https://hdl.handle.net/2134/371

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