In this paper, we show that in order to obtain a sound identification of Euro Area monetary policy shocks, one needs to deal with the interaction of the European Central Bank and the US Federal Reserve. In other words, a proper identification of monetary policy shocks for an open economy like...

This paper investigates the dynamic effects of common macroeconomic shocks in shaping business cycle fluctuations in a group of Euro-area countries. In particular, by using the structural (Near)VAR methodology, we investigate the effect of area-wide shocks, with particular attention to monetary...

The stability of inflation differentials is an important condition for the smooth working of a currency area, such as the European Economic and Monetary Union. In the presence of stability, changes in national inflation rates, while holding Euro-area inflation fixed contemporaneously, should be...

In the first thirteen years of EMU, monetary policy choices of the European Central Bank (ECB) in setting the short-term interest rate have followed, systematically, monetary policy decisions made by the Federal Reserve System (Fed). For, despite the presence of variable lags with respect to Fed...

The aim of this paper is to analyse the behaviour of the Federal Reserve in the Greenspan era by using recently developed neuro-fuzzy techniques. Such models require the operation assumptions concerning the conduct of monetary policy to be set in the form of flexible rules. Moreover, the...

The aim of this paper is to analyse the behaviour of the Federal Reserve in the Greenspan era by using recently developed neuro-fuzzy techniques. Such models require the operation assumptions concerning the conduct of monetary policy to be set in the form of flexible rules. Moreover, the...

The aim of this paper is to investigate the role played by macroeconomic shocks in shaping unemployment fluctuations, both in the USA and in the Euro area, in the recent, European Monetary Union, period. The task is accomplished by estimating a VAR model which jointly considers US and European...