additional central bank money that flowed to the euro core countries, Germany in particular, and crowded out the central bank … money resulting from local refinancing operations. Thus the ECB forced a public capital export from the core countries that …

propose a comprehensive description of how monetary policy affects the euro area economy. We focus mainly on three questions …) if not, is the bank lending channel a likely candidate to complete the story? We find plausible euro-area wide monetary … (relative to consumption) seems to play a larger role in euro area monetary policy transmission than in the U.S. We cannot …

This paper characterizes the transmission mechanism of monetary shocks across countries of the euro area, documents how … this mechanism has changed with the introduction of the euro, and explores some potential explanations. The factor …-augmented VAR (FAVAR) framework used is sufficiently rich to jointly model the euro area dynamics while permitting the transmission …

nineties and the puzzling decline of the euro during its virtual existence to changes in the demand for deutschmarks in eastern … the dollar and the weakness of the euro reflect the prosperity of the US and the weakness of the European economy on both …

This paper looks at the short history of the Eurozone through the lens of an evolutionary approach to forming new … institutions. The euro has operated as a currency without a state, under the dominance of Germany. This has so far allowed the euro … responsibility for the euro's future. Germany's resilience and dominant size within the EU may explain its "muddling …

Formation of the Euro area raises new questions about the coordination of monetary and fiscal policy. Using a New …

. By comparison with the Fed, the ECB followed a more measured course of action. We use an estimated dynamic general … are misleading. We find that - because there is greater inertia in the ECB's policy rule - the ECB's policy actions … out to be only a slowdown, and inflation never departed from levels consistent with the ECB's quantitative definition of …

We evaluate the effects of three ECB policies (the Securities Markets Programme, the Outright Monetary Transactions …-study approach and yields on euro-denominated sovereign bonds, dollar-denominated sovereign bonds, corporate bonds, and corporate CDS …

In this paper, we review Otmar Issing's career as the ECB's inaugural chief economist and we document many notable … show that this extended model substantially improves our understanding of ECB practice. We conclude by listing six open …

Bank (ECB) provide a natural experiment for this model. Tests of the effect of news announcements on the slope of yield … curves in the euro-area, and on the euro/dollar exchange rate, suggest that the market's perception of the policy stance of … the ECB during its first six years of operation significantly evolved, with a belief in its inflation aversion increasing …