In this paper we suggest that Eurozone countries face a policy trade-off among: 1) a common rule imposing co … conclude that the intense fiscal rules that have been introduced in the Eurozone after the emergence of the debt crisis reduced …

We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone … foreign exchange markets while in the Eurozone it was the absence of a lender of last resort in the long-term government bond … Eurozone the roles were reversed. The national central banks that became part of the Eurosystem were strengthened. This came at …

We derive counterfactual national interest rate paths for the 17 Euro Area countries for the period 1999 to 2012 to … which focus on countries which fare economically worse than the Euro Area average explain the EONIA path best …

estimate Taylor rules for alternative sets of euro area aggregates derived from different weighting schemes of national …

While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and …