تقاضای پول منطقه یورو و تخصیص بین المللی نمونه کارها: برنامه مشارکتی در ارزیابی ریسک برای ثبات قیمت

This paper argues that a stable broad money demand for the euro area over the period 1980–2011 can be obtained by modelling cross border international portfolio allocation. As a consequence, model-based excess liquidity measures, namely the difference between actual M3 growth (net of the inflation objective) and the expected money demand trend dynamics, can be useful to predict HICP inflation.