At the beginning of 1999 the euro was launched as a common currency in 11 EuropeanZum Jahresbeginn 1999 wurde der Euro …

process in the euro area. This paper investigates how money market rates respond to the information revealed by various …The Eurosystem's main refinancing operations (MRO) are key for the interbank money market and the monetary transmission … aspects of an MRO auction outcome. Our results confirm that the level of MRO rates governed short-term money market rates …

This paper investigates the transmission of monetary policy in the euro area based on the factor augmented vector …

the euro area's yield curve; (iii) compared to the euro area, the short-term market segments in the new EU-member states …This study examines differences in the interest rate response to an ECB policy impulse in the euro area, the new EU … one stationary common factor, which together explain more than 68% of the overall variation of the two market segments …

frequently than households. Furthermore, household expectations in the Euro Area have not converged to the inflation goal of the …

This paper examines the relation between money and housing variables in the euro area and in the US. Our empirical … model is based on a standard money demand relation which is augmented by housing market variables. In doing so, co …-integrated money demand relationships can be established for both the euro area and the US. Furthermore, we find evidence for asset …