This paper studies the determinants of the euro exchange rate during the European sovereign debt crisis, allowing a … role for macroeconomic fundamentals, policy actions and the public debate by policy makers. It finds that the euro exchange … communication by policy makers at times of crisis should be cautious about triggering undesirable financial market reactions …

This paper uses the euro cash changeover to test theories of finite informationprocessing capacities on the side of … effects are found in particular for goods with prices below one euro sold in mid-priced stores. The paper also finds that …

-time data. We find that such economic news in the United States, Germany and the euro area have indeed been a driving force … behind daily US dollar - euro/DEM exchange rate developments in the period 1993-2003. The larger importance of US … macroeconomic news is at least partly explained by their earlier release time compared to corresponding German and euro area news …

We examine the euro area monetary policy transmission process using post-1999 data, with two main questions in mind … limitations, we concentrate on three blocks of transmission: the banking, interest-rate and asset-market channels. We find … financial-market channels, our evidence is somewhat weaker but suggestive. The interest-rate channel appears to have changed …