This paper analyses the effects of the COVID-19 pandemic shock on small open economies in a monetary union with an … application to the euro area. Accounting for a high degree of openness and a strong dependence on intra and extra union trade, we … focus on the size and the direction of international spillovers both from the shock itself and from the ensuing fiscal …

, business cycles are not yet well synchronized with the euro area's business cycle, and risk-sharing mechanisms may not provide …

We propose a new and time-varying optimum currency area (OCA) index for the euro area in assessing the evolution of the … autoregression (VAR) model. We argue that the euro area is more appropriate through the lens of empirical OCA properties when the … relative importance of common symmetric shocks is high, but, at the same time, is not overly dispersed across euro area member …

of the monetary union, have on the rest of the world. Disentangling euro area stress shocks and global risk aversion …) model with financial variables. We find that the effects of euro area stress shocks are significant not only for the euro … area but also for the rest of the world. Notably, an increase in euro area stress entails a slowdown of economic activity …

This paper provides evidence on whether the creation of the euro has changed the way global turbulences affect euro … area and other economies. Specifically, it considers the impact of global shocks on the competitiveness of individual euro … over 60 countries.real effective exchange rates, including those of the individual euro area economies, and compares …

We investigate the key factors underlying business cycle synchronisation in the euro area applying the extreme … years. Our evidence seems to support the endogeneity hypothesis of the optimum currency area criteria. The implementation of … the single market intensified bilateral trade across euro area countries and contributed to higher business cycle symmetry …

the euro area. Equally importantly, economies with a weaker track record in terms of economic and institutional quality …

and the terms of trade, on the euro area real economy. In particular, the paper estimates the quantitative impact that … HICP, we found that the exchange rate pass-through for the euro area is not very high. This result is broadly in line with …