documents that this is what happened in the Euro-Area since 2008. The model is also well suited to analyze unconventional …

position. If financial integration makes financing external imbalances less costly, we expect slower external adjustment in …

country's debt. I show that, when direct transfers to residents cannot be perfectly targeted, the first country can be better … rescue, private agents engage in a collective bet on the foreign country's debt, leading to the emergence of a self … country's government is to restrict domestic exposures to foreign debt ex ante, for example, through a tax on capital outflows …

We use high-frequency intraday interest rate data to measure euro area monetary policy shocks on the days of ECB … policy shocks on euro-denominated financial asset prices and confirm that shocks related to the future path of monetary … certain asset classes since the onset of the crisis, notably the sovereign bonds of stressed euro area countries. These …

duration of public debt bonds) and lower uncertainty in the money market (captured by a lower volatility of rates) appear to …

heterogeneity within the euro area. We show that the main source is the asymmetry of shocks affecting the economies and that the … heterogeneity of behaviors does not seem to be of empirical relevance for the euro area. …