The recent boom-and-bust cycle in housing prices has refreshed the debate on the drivers of housing cycles as well as …

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 …

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

increase to reach the European standard would be larger in euro area countries with excessive external surpluses, the …

Whether the prospective shift of the peg of the CFA franc to the euro would constitute an exchange rate arrangement …

credibility of a no-bailout clause among member states, and progress in the area of supply-side policies …