This paper studies the heterogeneity of the marginal propensity to consume out of wealth (MPC) both across and within … countries. We estimate the MPC based on a cross-country harmonized household level dataset which combines surveys on wealth … are very similar to those obtained on aggregate data and show substantial heterogeneity across countries. The wealth …

countries which recorded rating downgrades amid the euro area sovereign debt crisis. We apply an elaborated econometric …This paper investigates the link between sovereign ratings and macroeconomic fundamentals for a group of euro area …

the euro area during the sovereign debt crisis, and in credit developments characterising the post-crisis recovery …This paper uses a unique dataset where credit rejections experienced by euro area firms are matched with firm and bank … representation of euro area firms of small and medium size. Our findings suggest that, while firm balance sheet factors have been …

In this paper we propose a composite indicator that measures multidimensional sovereign bond market stress in the euro … area as a whole and in individual euro area member states. It integrates measures of credit risk, volatility and liquidity … eleven euro area member states and also present four options of a SovCISS for the entire monetary union. In addition, we …

This paper studies the relationship between the business cycle and financial intermediation in the euro area. We … establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis … the financial and sovereign debt crisis. …