Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/200110 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
Discussion Paper No. 2019/9
Verlag: 
Freie Universität Berlin, School of Business & Economics, Berlin
Zusammenfassung: 
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.
Schlagwörter: 
Monetary aggregation
Euro area Divisia aggregate
Recessions
JEL: 
E51
E32
C43
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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