Aaron Mehrotra
A note on the national contributions to euro area M3
Bank of Finland Research Discussion Papers 2 2007
Suomen Pankki Bank of Finland P.O.Box 160 FI-00101 HELSINKI Finland + 358 10 8311 http://www.bof.fi
Bank of Finland Research Discussion Papers 2 2007
Aaron Mehrotra
A note on the national contributions to euro area M3
The views expressed are those of the author and do not necessarily reflect the views of the Bank of Finland. The major part of this paper was written when the author was a graduate student at the European University Institute in Florence, Italy and visiting the Statistics Department of the Bank of Finland in autumn 2004. The author is grateful to the Statistics Department for their hospitality. Thanks are due to Elisabeth Hintikka, Helka Jokinen, Iikka Korhonen, Antti Ripatti, Eero Savolainen, Jouko Vilmunen, and internal seminar participants at the Bank of Finland for helpful comments and suggestions. The views expressed in the paper are personal, and all errors are those of the author. Author correspondence: Aaron Mehrotra, Bank of Finland, BOFIT, PO Box 160, 00101 Helsinki, Finland. E-mail: aaron.mehrotra@bof.fi.
http://www.bof.fi ISBN 978-952-462-348-3 ISSN 0785-3572 (print) ISBN 978-952-462-349-0 ISSN 1456-6184 (online) Helsinki 2007
A note on the national contributions to euro area M3
Bank of Finland Research Discussion Papers 2/2007
Aaron Mehrotra Monetary Policy and Research Department
Abstract
We examine developments in national contributions to euro area M3 for a sample of nine euro area countries during 1999–2005. We investigate the co-movements of national contributions with euro area M3 and discuss possible reasons for divergencies in growth rates of national contributions. Finally, we evaluate the information content of national contributions to M3 using formal tests of causality between monetary aggregates, consumer prices and equity prices. Key words: national contribution, M3, euro area JEL classification numbers: E51, E31

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