This dissertation is a collection of three essays dealing with selected problems of the Euro Area during its most recent crisis. It applies empirical, theoretical, and institutional analyses to gain new insights into many of its financial aspects. The first essay offers an alternative...

We study cross-country differences in monetary policy transmission across the large four euro-area countries (France, Germany, Italy and Spain) using a large Bayesian vector autoregressive model with endogenous prior selection. Drawing both on the posterior distributions of the cross-country...

When I wrote my book on EMU four years ago (Kenen 1995), very little had been written on the international dimensions of EMU. There was a chapter in the Commission's path-breaking study (European Commission, 1990). There were papers by Alogoskoufis and Portes (1991, 1992), Cooper (1992),...

Das historische Wochenende vom 1. bis 3. Mai 1998 hat deutlich gezeigt, daß Euphorie und freischwebende Visionen nicht angebracht sind und Nüchternheit vonnöten ist, wenn es um die Analyse der Perspektiven der Europäischen Währungsunion geht. Nun geht es nicht mehr darum, für oder gegen...