Research undertaken by ECB staff suggests that the responsiveness of money holdings to interest rate or income changes varies widely across sectors, and that some patterns in the aggregate monetary data are better explained by building up from the sectoral level. 4 Fifth, consistency of the monetary data with other sources of relevant data is crucial.
Maintaining consistency of the monetary data with other data sources can facilitate the crosschecking of the monetary analysis with the economic analysis (e.g. in the context of the euro area accounts). Consistency among various data sets also supports the estimation of structural models that embed monetary and financial frictions within a real economy framework.