responses even to a common shock. We augment a multi-country model of the euro area with search and matching framework that …-country heterogeneity in labour market institutions for the conduct of monetary policy in a monetary union. We compute responses to an …

3000 speeches from central bankers to investigate the topics euro area national banks and the ECB most frequently talk … stability communication lie at the core of central bank communication in the euro area. Second, the ECB’s ideal points tend to … lie systematically above that of other euro area national banks, which suggests differing outstanding, ideological …

The contribution of energy shocks to euro-area inflation in 2022 is larger than that of shocks to aggregate and supply …, and to monetary policy. Had the ECB tightened monetary policy more than implied by the actual policy rate to counter the … large counter monetary policy shock …

there is limited understanding of public sentiment regarding monetary policy announcements. This paper investigates whether … monetary policy announcements influence household (subjective) well-being in Germany over the period 2002-2018 and finds that … tightening surprises reduce life satisfaction. Notably, the impact of a one standard deviation monetary policy shock on well …

In the euro area, monetary policy is conducted by a single central bank for 20 member countries. However, countries are … weighted average of the inflation rates within the European Monetary Union (EMU) or reacted more strongly to the inflation rate … developments of certain EMU countries. The New Keynesian model first generates data which is used to train and evaluate several …

This paper analyses the implications of climate change for the conduct of monetary policy in the euro area. It first … fragilities could significantly restrict the ability of monetary policy to respond to standard business cycle fluctuations. The … adapt macroeconomic models and the Eurosystem/ECB staff economic projections underlying the monetary policy decisions. It …

We first estimate the effects of an euro area-wide monetary policy change on output growth in eleven industries of … seven euro area countries over the period 1980-1998. On average the negative effect of an interest rate tightening on output … both the overall policy effects and the degree of asymmetry across the two business cycle phases. We then explore which …

Estimates of cyclically-adjusted budget balances, correcting actual government budget balances for business cycle …