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 … in seven years. Second, cross-country coordination of reforms would add extra benefits to each region in the euro area …

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 analyse the impact of fiscal policy shocks in the euro area as a whole, using a newly available quarterly dataset of … fiscal variables for the period 1981-2007. To allow for comparability with previous results on euro area countries and the US … net taxes shocks. In addition, to frame euro area results, we apply the same methodology for the same sample period to US …

transmission processes at the systemic level. We use the euro area financial accounts (flow of funds) data to construct a sector … leverage and asset volatility. We conclude that the bilateral cross-sector exposures in the euro area financial system …

the 26 largest euro area banking groups. Banks with more customer deposits are negatively affected by negative rates, as …

the euro area during the first two years. The effect on real GDP appears to be stronger in the short term, while that on …

international shock propagation for the euro area, the US, Japan, the UK, China, oil-exporting economies and the rest of the world …

to negative levels, compared to a standard rate cut in the euro area. We exploit the cross-sectional variation in banks …