This paper assesses changes in synchronization of real activity and financial market integration in Western Europe and …

The ECB''s objective of medium-term inflation below 2 percent has been portrayed by critics as ambiguous, asymmetric … that: (1) in terms of guiding inflation expectations and policymaking, the current definition has functioned much as would … an inflation target centered on 1 1/2-1 3/4 percent; (2) the absence of a specific (point) target for medium …

The synchronized disinflation across Europe since end-2011 raises the question of whether non-euro area EU countries … are affected by the undershooting of the euro area inflation target. To shed light on this issue, we estimate an open …-economy, New Keynsian Phillips curve, in which we control for imported inflation. Regression results suggest that falling food and …

, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply-- -and hence the real economy---through a …

Europe after the global financial crisis (GFC). We find that the post-GFC recoveries in Europe have been weaker than previous …

seems to have an impact mostly on Emerging Europe, reflecting the fact that cross-border lending to most other EM regions is …

The services sector is increasingly important for the euro area economy, but productivity growth in the sector has …

complement to the BCG in assessing macro-financial vulnerabilities in Europe …