exchange rate to one of the politically most important exchange rates, the exchange rate of the US dollar vis-à-vis the euro … (the DM). We use monthly data from 1975:01 to 2007:12. Applying a novel time-varying coefficient estimation approach, we …

of the euro area. For this purpose, we differentiate between the departure of weak and strong countries, and examine the …

This paper argues that using gold as collateral for highly distressed bonds would bring great benefits to the euro area … in the context of the euro crisis. This move is then compared to the ECB’s now terminated Securities Market Programme …

In this paper we present an empirically stable euro area money demand model. Using a sample period until 2009:2 shows … stability of the euro area money demand function. We also compare single equation methods like the ARDL approach, FM-OLS, CCR …

Is the Euro area as a whole, or are individual Euro-area member countries facing a period of sustained lower economic …, we expand our model to incorporate the financial cycle. We estimate the model for the Euro area as a whole and for nine … Euro-area member countries. Incorporating the financial cycle changes the estimated equilibrium real interest rates: For …

Small and medium size enterprises (SMEs) of southern euro-area economies (e.g. Italy, Spain) pay significantly higher … market failures prevent SMEs in southern euro area countries from access to key inputs, in particular access to finance. This …

This paper comments on the pros and cons of exit strategies. The focus is on the impact on the Euro area economy of the … impact of the Fed’s exit from UMP in 2014 on the Euro area economy using new and innovative global IMF models. Finally …

governance in the EU and the euro area since the launch of the Economic and Monetary Union. Broader and enhanced surveillance of …

support the stability of the euro. Among them are the enhancement of the effectiveness of the Stability and Growth Pact …