-run liquidity effect after an interest rate innovation, that is additional bank loans are generated by a greater credit multiplier …

The eurozone has a single short-term nominal interest rate, but monetary policy conditions measured by real short …

that reduce structural distortions and make economies more flexible. It is shown that uncertainty about the central bank …'s reaction function leads to more reforms. I relate this result to the debate about central bank setup in a larger monetary union …

This paper seeks to understand the interplay between banks, bank regulation, sovereign default risk and central bank … guarantees in a monetary union. I assume that banks can use sovereign bonds for repurchase agreements with a common central bank … cheaply, effectively shifting the risk of some of the potential sovereign default losses on the common central bank …

In this paper we present a three period setup to model central bank forward guidance in a liquidity trap. We analyze …

This paper compares the cyclical properties of fiscal policies across the 12 original eurozone countries and the future … counter-cyclical in Central and Eastern European countries than in members of the eurozone. The main differences arise from … the revenue side. Differences in the formation of fiscal policy between current and future eurozone countries decrease …