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On Money and Output in the Euro Area: Is Money Redundant?
Costas Karfakis 한국국제경제학회 2013 International Economic Journal Vol.27 No.3
This paper examines the relationship between money and future movements in output at business-cycle frequencies in the euro area. Importantly, the evidence suggests that the money stock is found to significantly affect output independent of the real interest rate. This finding supports the argument made by Meltzer (2001)14. Meltzer, A. H. 2001. “The transmission process”. In The Monetary Transmission Process: Recent Developments and Lessons for Europe, Edited by: Deutsche, Bundesbank. 112–130. London: Palgrave. View all references that the effects of monetary policy actions on the real economy are not fully captured by the short-term real rate.