We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence … of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro … currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income …

specific questions: First, how synchronized are housing cycles across these countries? Second, what are the main shocks driving …

can be evaluated using aggregated euro-area GDP data. Our results suggest that Gali, Gertler, and Lopez-Salido's (2001 …

We study the transmission of monetary shocks across euro-area countries using a dynamic factor model and high …

currency area than the Euro Area. More intriguingly, the Euro Area shows striking changes in correlations and responses which … we interpret as reflecting hysteresis with a financial twist, in which the financial system causes aggregate supply and … demand shocks to reinforce each other. An implication is that the Euro Area needs vigorous, coordinated regulation of its …

Using a DSGE model calibrated to the euro area, we analyze the international effects of afiscal devaluation (FD …

estimate a two-region DSGE model for the euro area, with financial frictions at the household level, between 2000-2013. After … a currency union with unsynchronized economic cycles …