, the USA and the Euro Area, severely. Uncertainties about the future abound. While the challenges are similar for both … capital market. In the Euro Area, uncertainty is higher than in the US and this could make disinflation in Europe more painful …

In this paper we construct Financial Conditions Indices (FCIs) for the euro area, for the period 2003 to 2011, using a … monetary policy variables, while two versions of the FCI without monetary policy are also constructed. This enables us to study … the impact of monetary policy on financial conditions – indeed, overall, we find evidence of monetary policy ‘leaning …

assess the effects of an uncertainty shock in the Euro area. This allows us to treat macroeconomic uncertainty as a latent … consequences jointly, and most are based on single country models. We analyze the special case of a shock restricted to the Euro … area, where member states are highly related by construction. We find significant results of a decrease in real activity …

This study examines empirically the information content of the euro area Bank Lending Survey for aggregate credit and … leading indicator for euro area bank credit and real GDP growth. Notwithstanding the short history of the survey, the findings … results are supportive of the existence of a bank lending, balance sheet, and risk-taking channel of monetary policy. They …

This paper estimates a DSGE model with many types of shocks and frictions for both the US and the euro area economy … in business cycle behaviour are due to differences in the type of shocks that affect the two economies, differences in …

This paper sheds light on the impact of global macroeconomic uncertainty on the euro area economy. We build on the … fifteen key euro area trade partners and the euro area. Our measures display a clear counter-cyclical pattern and line up well ….15 percentage points from euro area industrial production on impact. …