Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence … potential way to address such imbalances is through a fiscal devaluation. We use a DSGE model calibrated to the euro area to …

Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence … potential way to address such imbalances is through a fiscal devaluation. We use a DSGE model calibrated to the euro area to …

uncertainty shocks in the euro area and the US, paying particular attention to their effects on prices. While our results confirm …

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. …

this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this … financial sector may have exacerbated the emergence of macroeconomic imbalances within the euro area. Additionally, we show the …

The euro area crisis is often linked to the emergence of current account imbalances. As most of the deficit countries … of claims of domestic banks on debtors in other euro-area countries, and an increase is expected to lead to higher …