From the onset of the 2007-2009 crisis, the Federal Reserve and the European Central Bank have aggressively lowered … interest rates. Both sets of changes are at odds with an anti-inflationary stance of monetary policy; indeed, as the crisis … Taylor rules for our economy that are consistent with a strong pro-inflationary reaction during financial crisis while …

-to-quality effect. Common news about the euro crisis and news about specific countries itself tend to raise the covariance of yields … between distressed countries, indicating potential crisis spillover effects. However, we do not detect spillover effects from … Markets Programme (SMP) mitigate the negative crisis spillovers among the distressed countries and reduce the flight …

This note looks at US$ and DM/Euro denominated government bond spreads relative to US and German benchmark bonds before … and after the start of the current financial crisis. The study finds, first, that bond yield spreads before and during the … crisis can largely be explained on the basis of economic principles. Second, markets penalise fiscal imbalances much more …

labour hoarding in several euro area countries. While the crisis has, so far, had a more limited or shorter-lived impact in …Between the start of the economic and financial crisis in 2008, and early 2010, almost four million jobs were lost in … the euro area. Employment began to rise again in the first half of 2011, but declined once more at the end of that year …

Exploring the period since the inception of the euro, we show that secondary-market yields on Italian public debt … crisis since mid-2007. We also find that there is some tendency of the yield movements to be larger when the demand for the …

financial crisis, but had a negligible impact on uncollateralised debt issuance decisions. JEL Classification: G21, G01, G15 …

labour hoarding in several euro area countries. While the crisis has, so far, had a more limited or shorter-lived impact in …Between the start of the economic and financial crisis in 2008, and early 2010, almost four million jobs were lost in … the euro area. Employment began to rise again in the first half of 2011, but declined once more at the end of that year …

edition of the publication u0093Bond markets and long-term interest rates in non-euro area Member States of the European Union … this third edition has been extended to include all thirteen non-euro area EU member states and two accession countries …

economies (EMEs) on configurations between the US dollar, the euro and the yen. Given the difficulty that fixed or managed US … have a statistically but also an economically significant impact on the euro, and to a lesser extent the yen against the US … the appreciation of the euro against the US dollar in recent years. Interestingly, EME policy-makers appear to have become …

This paper investigates whether comovements between euro area equity returns at national and industry level have … changed after the introduction of the euro. By adopting a regression quantile-based methodology, we find that after 1999 the … degree of comovements among euro area national equity markets has augmented. By explicitly controlling for the impact of …