Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/200110
Authors: 
Brill, Maximilian
Nautz, Dieter
Sieckmann, Lea
Year of Publication: 
2019
Series/Report no.: 
Diskussionsbeiträge 2019/9
Abstract: 
We introduce a Divisia monetary aggregate for the euro area that accounts for the heterogeneity across member countries both, in terms of interest rates and the decomposition of monetary assets. In most of the euro area countries, the difference between the growth rates of the country-specific Divisia aggregate and its simple sum counterpart is particularly pronounced before recessions. The results obtained from a panel probit model confirm that the divergence between the Divisia and the simple sum aggregate has a significant predictive content for recessions in euro area countries.
Subjects: 
Monetary aggregation
Euro area Divisia aggregate
Recessions
JEL: 
E51
E32
C43
Persistent Identifier of the first edition: 
Document Type: 
Working Paper
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