In central bank calculations, the excess liquidity – or, negatively, the liquidity deficit – in a currency area, determined according to certain approaches; roughly speaking, the stock of money that has not yet been absorbed in volume or price increases. – See money squeeze, portfolio rebalancing, price gap. – See ECB Monthly Bulletin of May 2001, p. 51; ECB Monthly Bulletin of June 2001, p. 11 ff; ECB Annual Report 2001, p. 14; ECB Annual Report 2004, p. 28 ff; ECB Monthly Bulletin of January 2005, p. 14 ff; ECB Monthly Bulletin of June 2008, p. 27 (nominal and real money gaps 1999 to 2007); ECB Monthly Bulletin of June 2011, p. 37 ff (real M3 money gap since 1999; overviews).
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