The creation of the euro and the European Central Bank is a remarkable and unprecedented event in economic and … some advocate the euro despite its economic problems because of its assumed favorable effects on European political …

provision of lender of last resort facilities in the euro zone and the framework for supervising financial institutions. The … Growth Pact have been justified by the threat high debts might pose to the stability of the euro zone's financial markets. I …

by enlargement and, especially, by the euro area's complex arrangements for guarding financial stability. In the latter …

price stability. Other factors that account for the different economic outcomes in the Euro Area and US include differences …

curves in the euro-area, and on the euro/dollar exchange rate, suggest that the market's perception of the policy stance of …

While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and …

levels and different maturity structures. The monetary-fiscal nexus is central to the functioning of the euro area. We focus … Euro Area countries. For comparison we also estimate the fiscal consequences of the Federal Reserve and the Bank of England …

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 …

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 …