Through the euro area crisis, financial fragmentation across jurisdictions became a prime concern for the single … the credit intermediation chain is significant and quite heterogenous across the largest euro area countries. The … introduction of global portfolio frictions on euro area government bond holdings by international investors opens up for a larger …

. We discuss estimation of impulse response functions and variance decompositions in such large systems, and present …

sentiment and consumption expenditures for the United States and the euro area. It shows under which circumstances confidence … transmission of shocks, as U.S. confidence indices lead consumer sentiment in the euro area. - Consumer Confidence ; Consumption …

countries, the euro area being treated as a single economy, over the period 1979-2003. It advances research in this area in a …