's prosperity. The paper focuses on political events in Italy over the past 35 years and asks whether the adoption of the euro in …'s financial markets throughout the 1970s, 1980s and 1990s. The introduction of the euro appears to have indeed played a major role …

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 …

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 …

This paper studies the relative pricing of euro area sovereign CDS and the underlying government bonds. Our sample … comprises weekly CDS and bond spreads of ten euro area countries for the period from January 2006 to June 2010. We first compare … the determinants of CDS spreads and bond spreads and test how the crisis has affected market pricing. Then we analyse the …

examines the impact of supply constraints on bank lending in the euro area with a special focus on this turmoil period. The …

financial institutions. In this paper, we put the joint response of euro area bank and sovereign CDS premia under the microscope …

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 …

We study European banks' demand for short-term funds (liquidity) during the summer 2007 subprime market crisis. We use … through comparisons of collateralized and uncollateralized interbank money market rates which do not capture the heterogeneous … obtaining short-term funds elsewhere (e.g., in the interbank market) as well as a strategic response to other bidders. The …

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

In the paper we investigate the empirical features of euro area money market turbulence during the recent financial … market, following the BNP Paribas (9 August 2007) and the Lehman Brothers (16 September 2008) "shocks", and two additional …