This paper provides evidence on whether the creation of the euro has changed the way global turbulences affect euro … area and other economies. Specifically, it considers the impact of global shocks on the competitiveness of individual euro … over 60 countries' real effective exchange rates, including those of the individual euro area economies, and compares …

This paper examines the degree of fragmentation in the Euro overnight unsecured money market during the period June … bank risk, we document several episodes of significant market fragmentation. While non-standard measures such as the … provision of long-term liquidity were successful in reducing tensions, considerable signs of market fragmentation remained at …

characteristics? Based on a common source of balance sheet data for the four largest economies of the euro area over the period 1999 … homogeneous in France, where the banking industry has a higher degree of market concentration. Second, there is some evidence that …

In the current low interest rate environment in the euro area there is potential for a sudden increase in interest … rates and heightened interest rate risk (IRR). By using a sample of 81 euro area banks during the period 2014Q4-2018Q1 and a … the European Central Bank (ECB) reveal greater IRR exposure. These findings advance the debate on the impact on euro area …

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 … (Portuguese) labor and services market would induce an increase in the long-run German (Portuguese) output equal to 8.8 (7 …

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 …

bank and auction rates in its open market operations in times of financial market stress. In a theoretical model, it is … market operations needed to absorb large stress levels in interbank money markets and hence contain central bank auction … rates. Finally, the paper analyses effects of the composition of open market operations of different maturities on auction …

model to discuss a number of macroeconomic scenarios for the euro area with a horizon of around 20 years. The main finding …