A Note on the National Contributions to Euro Area M3

Mehrotra, Aaron N.

doi:10.2139/ssrn.1010541

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A Note on the National Contributions to Euro Area M3

Bank of Finland Research Discussion Paper No. 2/2007

28 Pages Posted: 29 Aug 2007

See all articles by Aaron N. Mehrotra

Aaron N. Mehrotra

Bank for International Settlements (BIS)

Date Written: 2007

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

JEL Classification: E51, E31

Suggested Citation: Suggested Citation

Mehrotra, Aaron N., A Note on the National Contributions to Euro Area M3 (2007). Bank of Finland Research Discussion Paper No. 2/2007, Available at SSRN: https://ssrn.com/abstract=1010541 or http://dx.doi.org/10.2139/ssrn.1010541