those of bailouts. Furthermore, we demonstrate that the Euro depreciates significantly against the Yen and US Dollar … following general risk shocks in the euro area and only to a small extent following bailout shocks. The Pound Sterling is not … affected by any of these shocks. The Euro variability is, from the EMU perspective, mainly driven by shocks stemming from large …

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 …

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 …