, and include expert judgement. We develop a multi-country BVAR for the four largest countries of the euro area and we show …

This paper studies the relationship between the business cycle and financial intermediation in the euro area. We …

vector autoregressions (VARs) and a large dynamic factor model (DFM) for a quarterly data set of 26 euro area macroeconomic … forecasts shed light on the stability of the dynamic relationships in the euro area during the recent episodes of financial … turmoil and indicate that only a small number of sources drive the bulk of the fluctuations in the euro area economy …

This paper studies the effects of quantitative easing on income and wealth of individual euro area households. The … aggregate effects of quantitative easing are estimated in a multi-country VAR model of the four largest euro area countries, in …

, volatility has been historically higher and this has not changed in the last ten years. We also find that the aggregate euro area … and US observed developments. The gap between US and euro area GDP per capita level has been 30% on average since 1970 and …

Using a small Bayesian dynamic factor model of the euro area we estimate the deviations of output from its trend that … that forecasts inflation best implies that after the 2011 sovereign debt crisis the output gap in the euro area has been …

, volatility has been historically higher and this has not changed in the last ten years. We also find that the aggregate euro area … and US observed developments. The gap between US and euro area GDP per capita level has been 30% on average since 1970 and …

so-called "non-standard" monetary policy measures focusing on those introduced in the euro area in the aftermath of the …

We analyse the impact on the euro area economy of the ECB's non-standard monetary policy measures by studying the …