following the slump points to the accommodation of the shock by the ECB, concurrent with the implementation of the Quantitative …

find that an adverse oil supply shock has a negative effect on stock prices when oil inflation is low. In contrast, this … rates encourage firms to get highly leveraged. A negative oil shock in this scenario leads to a substantial increase in … shock, ameliorating the impact on the stock market. …

the Maltese economy. The model focuses on five broad macroeconomic shocks hitting the euro area; an aggregate demand shock … global market for oil, a generic monetary policy shock encompassing both conventional and unconventional interventions, and a … financial stress shock. The model is estimated using Bayesian methods over a sample that goes from 2003Q1 to 2019Q4 and …

aggregates have a significant impact on output about 1.5 years after a shock and tend also to have an impact on prices and …

positive, but a relatively low effect on output, with the fiscal multiplier around one in the year of the shock and the …

Covid-19 crisis (2020-2021) was significantly more countercyclical than before - in particular in the Eurozone. We do not … performance over 2020-2021 was more in line with the past than for discretionary fiscal policy. Overall, fiscal policy in non-Eurozone … advanced countries is more countercyclical than in the Eurozone. However, the cyclicality varies markedly across countries. Our …