sets of results. First, house price returns in Europe are generally characterized by three (high, medium and low) phases …

both bank and country-level data. As outright bank failures have been rare in Europe, the paper introduces a novel dataset …

In this study, we approximate the financial cycle in Europe by combining potential common and relevant financial …

macroprudential policy authorities in Europe do not have clear powers to determine them. Moreover, the cross-border spillovers they …

We compare the labour market response to region-specific shocks in Europe and the US and to national shocks in Europe …-specific variables and the country factors. We find that both in Europe and the US labour mobility accounts for about 50% of the long run … adjustment to region-specific labour demand shocks and only a little more in the US than in Europe, where adjustment takes twice …

, with productivity in Southern Europe going into reverse. This paper analyzes which factors - whether country-level or firm …-specific ones - contributed more to the emergence of a three-speed Europe. The analysis combines firm-level data with country …