Before revision:  Our results hold until the stationary bootstrap of Politis Romano (1994) is consistent on the underlying stochastic process . 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:  Our results hold until the stationary bootstrap of Politis test shows power one as the process tends to non-stationarity, thus being more conservative than parametric alternatives. As an example, we infer about the relationship between money stock and GDP 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 .