One Divisia money for Europe?

被引:13
作者
Drake, L [1 ]
Mullineux, A [1 ]
Agung, J [1 ]
机构
[1] UNIV BIRMINGHAM,DEPT ECON,BIRMINGHAM B15 2TT,W MIDLANDS,ENGLAND
关键词
D O I
10.1080/000368497326697
中图分类号
F [经济];
学科分类号
02 ;
摘要
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.
引用
收藏
页码:775 / 786
页数:12
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