euro as their currency and recent research has shown that countries currently pursuing this goal indeed fulfill the … EMU aggregate – except for Sweden. Instead, the business cycles in most of the other countries exhibit only a very weak …

is described using a stochastic regime-switching model; second, the euro area governments’ responses to uncertain … macroeconomic policies in Greece are considered. The model's mechanism and assumptions allow either for a Grexit from the euro area … understand key drivers of the long-winded negotiations between the Syiza government and the euro area governments. …

With regard to the recent US house price cycle, we analyze how the interaction between housing supply restrictions … Statistical Areas, we estimate a simultaneous boom-bust system for house prices, housing supply and subprime lending. The model … accounts for regional differences in supply elasticities that are determined by local variations in topographical and …

analytical results. We then use a rich DSGE model, calibrated to the Core and the Periphery of the euro area, to quantitatively … consumption as well as unemployment differentials. Following supply shocks, however, the cross-country transfer embodied in the …

This paper is mainly concerned with the analysis of regional house price cycles. Based on a newly available data set … dissimilarities are significantly and strongly connected to geography. (ii) We show that U.S. regional housing cycles are considerably … shorter compared to business cycles. (iii) By employing statistical methods, we also show that regional housing prices …

can account for the asymmetric shifts in euro area yields during the Covid-19 pandemic. We derive an affine term structure …

proposing a theory-based index of exchange market pressure within the euro area. We argue that the euro area entails an inherent …

We estimate government spending multipliers in demand- and supply-driven recessions for the Euro Area. Multipliers in a … moderately demand-driven recession are 2-3 times larger than in a moderately supply-driven recession, with the difference between … from -0.5 in supply-driven recessions to about 2 in demand-driven recessions. The econometric approach leverages a factor …

This paper examines the reaction of house prices in a panel of euro area countries to monetary policy surprises over …

Using the measures proposed by Mink et al. (2012), we reexamine the coherence of business cycles in the euro area using … business cycle coherence did not increase monotonically. The COVID-19 pandemic made that the signs of the output gaps of euro …