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 …, the paper applies a newly developed methodology based on infinite VAR theory featuring a dominant unit to a large set of …

We analyse the interaction between monetary and macroprudential policies in the euro area by means of a two …-country DSGE model with financial frictions and cross-border spillover effects. We calibrate the model for the four largest euro …

the euro area. Equally importantly, economies with a weaker track record in terms of economic and institutional quality …

Through the euro area crisis, financial fragmentation across jurisdictions became a prime concern for the single … the credit intermediation chain is significant and quite heterogenous across the largest euro area countries. The … introduction of global portfolio frictions on euro area government bond holdings by international investors opens up for a larger …

This paper decomposes the time-varying effect of exogenous exchange rate shocks on euro area countries inflation into … quarters of the past six years, especially in turning point periods. Our main results indicate that headline inflation in euro … comovement across euro area countries …

of the monetary union, have on the rest of the world. Disentangling euro area stress shocks and global risk aversion …) model with financial variables. We find that the effects of euro area stress shocks are significant not only for the euro … area but also for the rest of the world. Notably, an increase in euro area stress entails a slowdown of economic activity …

This paper studies the determinants of the euro exchange rate during the European sovereign debt crisis, allowing a … role for macroeconomic fundamentals, policy actions and the public debate by policy makers. It finds that the euro exchange …