the level of search costs and, thus, on the level of market integration. For less integrated markets, the inflation … theory. -- Inflation ; Relative price variability ; Monetary search models ; European market integration …

This paper investigates why financial market experts misperceive the interest rate policy of the European Central Bank …

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 …

process in the euro area. This paper investigates how money market rates respond to the new information revealed by MRO …The relation between the ECB's main refinancing (MRO) rates and the money market is key for the monetary transmission … disconnection of money market rates from the policy-intended interest rate level. These findings support the fixed rate full …

commercial banks to the Eurosystem's open market operations in conjunction with the redistribution of liquidity via the TARGET …

We introduce a Divisia monetary aggregate for the euro area that accounts for the heterogeneity across member countries … both, in terms of interest rates and the decomposition of monetary assets. In most of the euro area countries, the … the simple sum aggregate has a significant predictive content for recessions in euro area countries. …