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 …

national variables. We estimate our macro model using quarterly data from Q1 1984 to Q4 2007 for the G7 countries plus the euro …

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 … applied for this purpose in previous studies. -- ARDL model ; cointegration ; euro area ; financial crisis ; money demand …

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 …Kleine und mittlere Unternehmen (KMU) in südlichen Euro-Volkswirtschaften wie Italien und Spanien zahlen seit längerem …

appears to model the impact of the economic crisis as an exogenous demand shock which has hit the euro area countries …

technically out of reach within the euro area. -- Exit strategies ; international policy coordination and transmission ; open …

losses. Thirdly, the ECB can draw on substantial reserves of the euro area national banks. -- Central bank independence …-fiskalische Aktionen engagiert war noch kaufte sie während der Finanzkrise Bonds in großem Maße direkt auf. Zweitens schafft die EZB durch …