Slow productivity growth has plagued the euro area since the mid-1990s. That is particularly striking in view of the … large productivity gains in the United States during the same period. This paper shows that the deceleration in labor … productivity in the euro area was caused by structural changes in wage formation that have affected the relative price of labor …

The Italian economy has been struggling with low productivity growth and bank balance sheet strains. This paper … examines the implications for firm productivity of adverse shocks to bank lending in Italy, using a novel identification scheme …-to-labor ratio, and productivity. The transmission from changes in credit supply to firm productivity relates to labor market …

We analyze the profitability of FX swaps used by the central bank of Brazil to shed light on the rationale for FX …

The profitability of Italian banks depends, among other factors, on the strength of the ongoing economic recovery, the … resolving nonperforming loans (NPLs) and to foster banking sector consolidation. Improved profitability would enable banks to … smaller banks face profitability pressures, even under favorable assumptions. There is thus a need to push ahead decisively on …

. Among other potential side effects, negative rates could weaken banks' profitability by reducing net interest income, their …

We analyze how bank profitability impacts financial stability from both theoretical and empirical perspectives. We … first develop a theoretical model of the relationship between bank profitability and financial stability by exploring the … empirical determinants of bank risks and profitability, and how the level and the source of bank profitability affect risks for …