The ECB has ended its net purchases of bonds. As a result, the ECB will no longer dampen volatility in the euro area bond markets to the same extent. This may lead to greater volatility in the Danish mortgage bond market. In recent years, banks have reduced their market-making capacity in the...

The ECB has ended its net purchases of bonds. As a result, the ECB will no longer dampen volatility in the euro area bond markets to the same extent. This may lead to greater volatility in the Danish mortgage bond market. In recent years, banks have reduced their market-making capacity in the...

This paper takes a first step in analysing how a monetary union performs in the presence of labour market asymmetries. Differences in wage flexibility, market power and country sizes are allowed for in a setting with both country-specific and aggregate shocks. The implications of asymmetries for...

Exceptionally large monetary and fiscal policy measures have been implemented globally to counteract the adverse economic consequences of the covid-19 crisis. The analysis first provides an overview of some of the measures taken to support liquidity and lending in the US, Germany, Sweden and...