the euro area. Equally importantly, economies with a weaker track record in terms of economic and institutional quality …

We quantitatively assess the macroeconomic effects of country-specific supply-side reforms in the euro area by … Germany (or, alternatively, Portugal) and the rest of the euro area. Our main results are as follows. First, there are … in seven years. Second, cross-country coordination of reforms would add extra benefits to each region in the euro area …

I find that the Euro-system can stimulate the economy beyond the policy rate by increasing the size of its balance … multiplier declines considerably after an expansion of the Euro-systems balance sheet …