This paper studies the role of the Federal Reserve's policy in the recent boom and bust of the housing market, and in the ensuing recession. By estimating a structural dynamic factor model on a panel of 109 US quarterly variables from 1982 to 2010, we find that, although the Federal Reserve's...

We investigate the possible existence of asymmetries among Euro Area countries reactions to the European Central Bank monetary policy. Our analysis is based on a Structural Dynamic Factor model estimated on a large panel of Euro Area quarterly variables. Although the introduction of the euro has...

This paper, by the estimation of a structural VAR model on aggregate data from 1980 to 2002, examines the macroeconomic effects of an unexpected change in monetary policy on the euro area. The results are in line with the economic theory and they are close to the one estimated by other authors....