The possibility that the euro area might break up was being raised even before the single currency existed. These … scenarios were then lent new life five or six years on, when appreciation of the euro and problems of slow growth in various … unlikely, I argue here, that one or more members of the euro area will leave in the next ten years; total disintegration of the …

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 …

exist in most Eurozone countries. Although the European Central Bank managed the euro in a way that achieved a low rate of …The creation of the euro should now be recognized as an experiment that has led to the sovereign debt crisis in several …The emergence of these problems just a dozen years after the start of the euro in 1999 was not an accident or the …

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

these channels in the euro area by combining micro data from the HFCS and the EU-LFS with structural VARs estimated on …

-study approach and yields on euro-denominated sovereign bonds, dollar-denominated sovereign bonds, corporate bonds, and corporate CDS …

We show that a fiscal expansion by the core economies of the euro area would have a large and positive impact on … expansion of core government spending equal to one percent of euro area GDP would boost periphery GDP by over 1 percent in a …

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 …

institutional framework, such as the creation of the euro by a group of European countries, will realign - after a transition period … illustrate this point, we study the case of the euro and how the party system has evolved in Southern and Northern European …