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One Divisia money for Europe?

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Abstract:

In 1992 the EU monetary authorities adopted a 'harmonized' broad money aggregate. The EMI was subsequently established to promote monetary policy coordination. This paper considers how broad money aggregates might be used to guide EU monetary policy and whether a 'Euro-Divisia' monetary index might provide a better guide than a 'Euro-simple-sum' aggregate. Our findings are based on data from the UK, France and Germany. They indicate that 'Euromoney' Granger-causes 'Europrices' and that the EuroDivisia monetary index is a better leading indicator of 'Euroinflation' than the Euro-simple-sum monetary aggregate.

Document Type: Research Article

DOI: http://dx.doi.org/10.1080/000368497326697

Publication date: June 1, 1997

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