generating the pre-crisis productivity slowdown, while starting from the Great Recession a shock to liquidity demand is …This paper analyses the endogeneity of euro area total factor productivity and its role in business cycle amplification … by estimating a medium-scale DSGE model with endogenous productivity mechanism on euro area data. In this framework …

dollar shock, generalised impulse response function shocks and a global shock to risk aversion. Our results show that the way … depends crucially on the nature of the shock. This result is noteworthy given the apparent divergence in competitiveness …

We document that about 33% of the core inflation basket in the euro area is sensitive to monetary policy shocks. We …. Estimations over different samples show that the impact of monetary policy shocks on sensitive core inflation has become larger …

depending on the underlying shock driving them. The pass-through is stronger and more persistent when gas prices are driven by … through to all components of euro area inflation - producer prices, wages and core inflation, which has implications for …

This paper assesses the impact of weather shocks on inflation components in the four largest euro area economies. We … combine high-frequency weather data with monthly data on inflation and output growth within a set of Bayesian Vector … Autoregressions which explicitly considers the seasonal dependence of the shock. Results suggest the presence of significant country …

We measure the heterogeneous welfare effects of the recent inflation surge across households in the Euro Area. A simple … framework illustrating the numerous channels of the transmission mechanism of surprise inflation to household welfare guides our …; (ii) this inflation episode resembles an age-dependent tax, with the elderly losing up to 20%, and roughly half of the 25 …