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 …

an unexpected job loss is stronger for workers who have worse perceptions of the local labour market, are older or have …

into monitoring euro area wage dynamics and which appears to treat some of the other labor market information as less …In this paper, we explore the role of labor markets for monetary policy in the euro area in a New Keynesian model in … labor market would alter the business cycle behaviour and the transmission of monetary policy. We find that while a lower …

This paper compares impulse responses to monetary policy shocks in the euro area countries before the EMU and in the … broadly similar to those in the euro area countries. There is some evidence that in the NMS, which have had higher and more … volatile inflation, the Phillips curve is steeper than in the euro area countries. This finding is consistent with economic …

This paper asks whether a textbook Phillips curve can explain the behavior of core inflation in the euro area. A … inflation since the creation of the euro are well explained by three factors: expected inflation (as measured by surveys of …

We compare real-time density forecasts for the euro area using three DSGE models. The benchmark is the Smets … extensive labor-market margin and adds the unemployment rate to the observables. The main question we address is if these … forecasts and the period around the Great Recession. The labor market extension improves the medium to longer-term real GDP …

We study state dependence in the impact of monetary policy shocks over the leverage cycle for a panel of 10 euro area …

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 …

housing demand shocks on the macro-economy and the role of house prices in the monetary policy transmission, across euro area …

In this paper, we study the dynamics and drivers of sovereign bond yields in euro area countries using a factor model … in individual euro area countries using a time-varying model. Using the reduced form results, we show decoupling of … periphery euro area bond yields from the core countries yields following the financial crisis and the scope of their subsequent …