We construct a macro DSGE model of the eurozone and its two main regions, the North and the South, with the aim of …

We add the Bernanke-Gertler-Gilchrist model to a world model consisting of the US, the Eurozone and the Rest of the … World in order to explore the causes of the banking crisis. We test the model against linear-detrended data and reestimate … to counteract such a shock as happened in this sample. …

's implied residuals on US unfiltered data since 1984 to replicate how the model predicts the crisis. The main banking shock … tracks the unfolding 'sub-prime' shock, which appears to have been authored mainly by US government intervention. This shock … shock plays a key role. Crises occur when there is a 'run' of bad shocks; based on this sample they occur on average once …

customs union for unilateral free trade, as a small country within the world market, it will therefore make gains according to …

policymaking pattern suggests that European elites believe their position would be threatened by the domestic effects of world …