potential vast multitude of alternative mis-specified MSVs. Using a new Multi-country Euro area Model with Boundedly Estimated …

The model presented here is a New estimated medium-scale Multi-Country Model (NMCM) which covers the five largest euro …

euro area, and investigates their linkages in a VAR framework, also allowing for the possible impact of the policy regime … of the euro and resulting in lower long-run uncertainty. It also appears that the direction of causality has been … reversed, and that in the euro period the Friedman-Ball link is empirically supported, consistently with the idea that the ECB …