Policy-makers should base analysis on broad set of monetary aggregates, paper argues
Analysis of the stability of demand for components of monetary aggregates in the eurozone argues against reliance on a single measure, researcher says
Monetary analysis of the eurozone should not overemphasise a single aggregate measure, a working paper published by the European Central Bank argues.
In A portfolio demand approach for broad money in the euro area, Alexander Jung examines the stability of demand for the components of monetary aggregates in the eurozone.
Using data from between 1999 and 2013, the author examines whether the "massive shocks observed since the start of the financial crisis" may have changed the basis of demand.
Des
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