Euro coins have a common European side and an individual national side. Thanks to coin migration, coins bearing a … panoply of national sides are in circulation throughout the euro area. In this paper, we model the mixing of coins circulating … in the euro area countries and in particular the extent of coin migration in the euro area. A model calibration suggests …

that inflation dynamics differed considerably across Euro area countries before the start of EMU. Since 1999, however … theoretical predictions, we find that the persistence of inflation has significantly decreased in the Euro area probably as a …

We present the estimated large-scale three-region DSGE model GEAR picturing Germany, the Euro Area and the Rest of the … Euro Area affected GDP growth during the global financial crisis. Our analysis suggests that spillovers of fiscal policy … shocks in the Euro Area are small. Overall, spending multipliers are higher than revenue-based multipliers and are in line …

We propose an algorithm to model contagion in the interbank market via what we term the credit quality channel. In …