They confirm both the existence of a correlation 30  31  A substantial part of the asset purchases under the APP and the PEPP did not directly involve the portfolios of households and firms, and a large part of the increase in reserves is linked to refinancing operations, specifically T-LTROs. Divisia monetary aggregates combine monetary sub-components based on their transaction services.
Specifically, sub-components are weighted by their yields, which are ‘inverse’ indicators of the transaction service. The difference between M1 and Divisia M1 is normally minimal, as the M1 sub-components’ yields are relatively low and stable. Conversely, there are more obvious differences between M3 and Divisia M3, especially until 2015 when the yields on the longer-lasting monetary sub-components were significantly higher.