This paper investigates the implications of cross-country heterogeneity within the euro area for the design of optimal … monetary policy. We build an optimizing-based multi-country model (MCM) describing the euro area in which dicurren …

predicting euro area inflation. Excess liquidity is measured as the difference between the actual money stock and its fundamental …

This paper explores the long run relationship between public and private investment in the euro area in terms of … investment might have restricted private investment and GDP growth in the euro area. The results have strong implications for the … future direction of fiscal austerity programs to combat the euro area debt crisis. …

This paper explores the long run relationship between public and private investment in the euro area in terms of … investment might have restricted private investment and GDP growth in the euro area. The results have strong implications for the … future direction of fiscal austerity programs to combat the euro area debt crisis. …

This paper explores the long run relationship between public and private investment in the euro area in terms of … investment might have restricted private investment and GDP growth in the euro area. The results have strong implications for the … future direction of fiscal austerity programs to combat the euro area debt crisis. …

paper re-investigates the stability properties of M3 demandin the euro area in the light of the recent economic crisis. A …