We analyze for the first time cash holdings of private households in all euro area countries from 2002 to 2019 within a …' cash holdings, the volume of transactions and the size of the shadow economy irrespective of country size for all euro area … panel cointegration framework. Besides the traditional determinants of cash demand like transactions balances and …

We analyze the net issues of the national euro area central banks in relation to the dynamics of the shadow economy … within a panel cointegration framework. Besides the total net issues, we distinguish between large, medium and small euro … banknotes and take due account of other determinants of cash demand. We find a significant and positive relationship between the …

The euro area will not have a centralised budget and smoothing of country-specific asymmetric shocks via private …

In this paper, sound public finances under the euro means sustainability in the long term instead of short- and medium …-term fiscal discipline. The challenges to sustainability are identified for the four largest euro area member states, and several … resort for a euro area government under liquidity shortage to prevent it from developing into a general financial crisis …

nineties and the puzzling decline of the euro during its virtual existence to changes in the demand for deutschmarks in eastern … the dollar and the weakness of the euro reflect the prosperity of the US and the weakness of the European economy on both …

conducted. - Fiscal policy in the euro area was tight in 2012-13, contributing to an unexpected fall in the GDP. Fiscal policy … has generally amplified cycles in the euro area, except in 2009. - Procyclicality is caused by short-sighted fiscal …

The conflicting standpoints on reforming the euro are creating more controversies than practical results. Mistrust …, reforming the euro successfully calls for a convincing high-level commitment to preserve the euro also in unexpected …

We estimate a panel VAR model for the euro area to quantitatively asses the contribution of the TARGET2 system to the … in euro area member countries. Our results suggest that TARGET2 has significantly affected the transmission of capital ow … member states, such as Germany, the Netherlands and Finland. …

We derive four sets of counterfactual national interest rate paths for the 17 Euro Area countries for the time period … Germany trace the realized EONIA rate very closely, while monetary policy has been too loose especially for the southern … economically worse than the Euro Area average perform best. -- monetary policy ; ECB ; Bundesbank ; decision rule ; counterfactual …