the euro area economy and examine, using the ECB's New Area-Wide Model, the consequences of the lower bound both for the …

government bonds and this offsets the impact of shutdowns and lockdowns in the real economy. We show that these actions reduced … that if the Federal Reserve had not intervened to such a degree, the economy may have experienced a significantly deeper …

Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much … political economy channel of EMU as the monetary union implies that member states had to transfer or at least curtail their … impact of political shocks on the domestic economy of member states but magnified the transmission of political shocks within …