The euro-area financial crisis that erupted in 2009 was marked by negative confidence effects that had both domestic … and international ramifications. Domestically, bank lending declined sharply. Internationally, the demand for the euro as … national and regional spillovers. We also assess the effects of ECB policies on euro reserve holdings. The results suggest that …

aggregate. However, a large empirical literature has emerged showing that, beginning in 2001, essentially all euro area M3 … now to estimate euro area money-demand are not well-specified because they do not include a measure of wealth. Using two …

The euro-area sovereign debt crisis was characterized by feedback loops between (1) sovereign bond ratings and …

(CBPPs) on sovereign bond spreads and covered-bond prices, respectively, for five euro-area stressed countries -- Greece …

We investigate the drivers of the recent inflation in three currency areas: the United States, the euro area, and the … the inflationary shocks in the United States are transmitted to the euro area and the United Kingdom in a powerful and … consistent way. The euro area transmits inflation to the other regions but to a lesser extent, while the inflation in the United …