estimate a Markov switching VAR for the euro area and the US, including additionally GDP, CPI and a short-term interest rate …. We find evidence for two distinct states in both regions. For the euro area, we find a regime which is correlated to the …We analyze the interaction between credit and asset prices in the transmission of shocks to the real economy. We …

This article assesses the immediate impact the first wave of the pandemic had on euro area household income … accounts, with information to Q2, there was a contained decline in household income, despite the worsening labour market …

these channels in the euro area by combining micro data from the HFCS and the EU-LFS with structural VARs estimated on … income, and the responsiveness of aggregate earnings, asset prices and inflation to monetary policy shocks. We quantify all …

, inflation and unemployment in all euro area countries. We document that the effects of QE are very heterogenous across countries …

We present a methodology based on quarterly sectoral accounts to build a map of the euro area financial system. The map … inter-sectoral flows. We find that the euro area financial system was essentially bank-centric when it entered the global … substantially. In particular, investment funds are used by euro area economic agents to gain exposure to the rest of the world and …

We measure the heterogeneous welfare effects of the recent inflation surge across households in the Euro Area. A simple …

across euro area countries. The results suggest that there is weak evidence that income inequality has affected households …

Malta with those for the euro area. This comparative report finds that in 2020 the median Maltese household held more real … and financial assets than households in the euro area. The median value of total liabilities of indebted Maltese … households also stood higher than in the euro area. Despite higher total liabilities, the debt-toasset ratio indicates that …