distribution in the European Central Bank (ECB) council. We show that, in a model where labor unions internalize the inflationary …

of fiscal sustainability falls upon the Central Bank (CB). In particular, we explore whether the CB's bond purchases in …

The European Central Bank (ECB) took many measures to combat the eurozone's rolling financial crisis. For providing … desperately scarce dollars to eurozone banks, the ECB relied on the U.S. Federal Reserve. Using a novel econometric framework, we … October 2009 and September 2012, the most intense phase of the eurozone crisis. Dollar liquidity clearly reduced stress in …

We employ two-stage empirical strategy to analyze the impact of macroeconomic news and central bank communication on … currencies to central bank verbal interventions becomes important only during the crisis period, though. …

an appropriate monetary policy transmission. Since the program aims at manipulating bank lending rates by conducting … sovereign bond purchases on secondary markets, a stable relationship between bank lending rates and government bond rates is of … this relationship by focusing on the reaction of bank lending rates to movements in government bond rates over the period …

size and voting power. One way to implement this principle is a rotation scheme for national central bank governors that …

representation in a federal central bank addressing this question. Optimal voting weights reflect two opposing forces: the wish to …

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 …