process in Greece, Spain, Ireland, and Portugal and, by way of contrast, in Germany, a country that did experience a reform …

econometric issues are addressed including estimation of the number of dynamic factors and tests for the factor restrictions …

. The estimation of key parameters uses a simulated method of moments approach to match moments related to asset market … estimation are used to characterize the distributions of the marginal propensity to consume across households for each of the … policy-induced variations in stock returns. Finally, monetary contractions have a larger impact on consumption in Germany and …

We propose a framework for estimation of spillovers between funding costs of individual banks. The estimation proceeds … in three steps: First, using data from liquidity auctions of the European Central Bank, we estimate the funding costs in … a given week for each individual bank. In the second step, we apply the adaptive elastic net (a LASSO type estimator) to …

destroyed the Bretton Woods System. Greece, Ireland, Portugal, Spain and Italy have suffered from balance-of-payments deficits … additional central bank money that flowed to the euro core countries, Germany in particular, and crowded out the central bank …