Research Discussion Papers, Bank of Finland
No 2/2007:
A note on the national contributions to euro area M3
Aaron Mehrotra ()
Abstract: We examine developments in national contributions to euro
area M3 for a sample of nine euro area countries during 1999–2005. We
investigate the co-movements of national contributions with euro area M3
and discuss possible reasons for divergencies in growth rates of national
contributions. Finally, we evaluate the information content of national
contributions to M3 using formal tests of causality between monetary
aggregates, consumer prices and equity prices.
Keywords: national contribution; M3; euro area; (follow links to similar papers)
JEL-Codes: E31; E51; (follow links to similar papers)
25 pages, January 19, 2007
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