capita output growth, the credit cycle, the stock of inward foreign direct investment (FDI) and the current account balance … find that lower exchange rate volatility is associated with higher growth (for relatively less financially developed … development of the credit to GDP ratio. JEL Classification: F3, F4, F5 …

. Quantitative goals take three forms: exchange rates, money growth rates, and inflation targets. We analyze the effects on inflation …

In this paper we assess to what extent in the existence of a financial crisis, government spending can contribute to … mitigate economic downturns in the short run and whether such impact differs in crisis and non crisis times. We use panel … instrumented regular and crisis spending is about 0.6-0.8 considering the sample average government spending share of GDP of about …

normal times and in times of severe financial dislocations. We show that in the years preceding the financial crisis that … started in 2007 the strategy was successful at ensuring macroeconomic stability and steady growth despite shocks to the supply … inflation and growth. After the collapse of financial intermediation in late 2008, the strategy of the ECB was to preserve the …

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 …

Between the start of the economic and financial crisis in 2008, and early 2010, almost four million jobs were lost in … and remains at around three million workers below the pre-crisis level. However, in comparison with the severity of the … labour hoarding in several euro area countries. While the crisis has, so far, had a more limited or shorter-lived impact in …

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 … US which they did not have before the crisis. These findings underpin the need for achieving sound fiscal positions in …

Between the start of the economic and financial crisis in 2008, and early 2010, almost four million jobs were lost in … and remains at around three million workers below the pre-crisis level. However, in comparison with the severity of the … labour hoarding in several euro area countries. While the crisis has, so far, had a more limited or shorter-lived impact in …

crisis since mid-2007. We also find that there is some tendency of the yield movements to be larger when the demand for the …