We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Programme at the security level …. Our empirical analysis shows that euro area investors (in particular investment funds and households) actively rebalanced … away from securities targeted under the Public Sector Purchase Programme and other euro-denominated debt securities …

size of euro capital markets and the existing roles of European currencies in international capital markets. The paper also … examines the euro’s impact on international securities markets, including the role of the ECB, the evolution of EMU securities …, as are the broader implications of the introduction of the euro for changes in international capital flows, international …

The success of European Economic and Monetary Union (EMU) will depend on the stability of the euro. The monetary policy … inflation targeting rule that includes output. Implications for the euro as a reserve currency are examined in the light of the …

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

. The topic gathered much attention following the great financial crisis and the Euro Area debt crisis due to the … European countries (including several members of the Euro Area), this paper provides estimates of country-specific natural …

We study the properties of the IMF-WEO estimates of real-time output gaps for countries in the euro area as well as the …

-optimal Ramsey policy. The macro-financial trade-off in our estimated model of the euro area turns out to be modest, implying that …

Despite closing output gaps and tightening labor markets, inflation has remained low in the euro area. Based on an … specific to the euro area (in comparison with the United States). Monetary policy needs to stay accommodative to help guide …

Do euro area inflation expectations remain well-anchored? This paper finds that the protracted period of low (and below …-target) inflation in the euro area since 2013 has weakened their anchoring. Testing their sensitivity to inflation and macroeconomic … been observed before in the euro area …