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 study the cyclical dynamics of consumption in the euro area (EA) and the large EA countries by distinguishing … main findings are: (i) durables react faster and more strongly than nondurables after monetary shocks in the euro area and …

estimation of the natural rates of interest, unemployment and output, and the sustainable growth rate of the US economy. By …