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This paper studies the cyclical properties of real GDP, house prices, credit, and nominal liquid financial assets in 17 EU countries, by applying several methods to extract cycles. The estimates confirm earlier findings of large medium-term cycles in credit volumes and house prices. GDP appears...
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distinct convergence clubs, with the euro area and the United States respectively at their core. In line with the theoretical …
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the current unprecedented crisis on the euro area economy has given the debate new impetus. As a contribution to this …
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between exchange rates and prices, showing that there is at most a moderate decline in exchange rate pass-through for the euro … of euro area exports to exchange rate changes may have declined somewhat as a result of globalisation, reflecting mainly … exchange rates on GDP and the potential role of valuation effects as a transmission channel in the case of the euro area. …
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