- stretching slightly beyond the ECB's mid-point - marked by decent growth in real incomes and a distribution of shocks to … endemic instability and crisis, with the distribution of shocks eventually switching from inflationary to continuously …

) and quantitative easing (QE), the identification of the impacts of these unconventional instruments of monetary policy is … challenging. We propose a novel identification approach that seeks to overcome this challenge by combining a dense, controlled … back end of the yield curve. We then feed these rate counterfactuals into a large-scale Bayesian VAR and generate …

In a highly interlinked global economy a key question for policy makers is how foreign shocks and policies transmit to …

stress indicator with a specific focus on the euro area. As far as we know, our indicator is the first attempt to develop an … indicator of financial stress with a specific focus on the euro area. It is also the first to exploit the information contained … in central bank communication to help measure stress in financial markets. For use in real time, the indicator is able to …