Before revision:  By this method, we point out that in the Euro Area money and output co-implied before the financial crisis of 2008, while after the crisis the only significant direction is from money to output with a shortened period .
After revision:  By this method, we point out that in the Euro Area via our approach, considering inflation, unemployment and interest rates as conditioning variables. We point out that during the period 1999-2017 the money stock aggregate M1 had a significant impact on economic output at all frequencies, while the opposite relationship is significant only at high frequencies .