dynamics of output, sovereign debt and financial stress in some euro area and other industrialized countries. …The recent financial and sovereign debt crises around the world have sparked a growing literature on models and … empirical estimates of defaultable debt. Frequently households and firms come under default threat, local governments can …

This paper applies multidimensional affluence measures to a new dataset on income and wealth in 15 Eurozone countries …. We start our analysis by examining the income and wealth distributions separately for each country, and extend it to a … multidimensional setting by considering the joint distribution of income and wealth. The results indicate that the percentage of …

A mechanism to restructure the debt of an insolvent euro country is a missing element in the emerging institutional … architecture of the euro area. The introduction of an insolvency procedure for sovereigns faces a dilemma: In the foreseeable … blueprints for sovereign insolvency procedures in the euro area and develops a “Viable Insolvency Procedure for Sovereigns” (VIPS …

Using the introduction of the euro as a natural experiment, we provide economy-wide evidence for money illusion based … effect between 2.4% and 7.6%. Compared to previous studies on money illusion in the course of the euro currency changeover … on declared donations from German administrative income tax data. Our results suggest a magnitude of the money illusion …

European Union. Regression results are provided for Western Germany, France, and Italy. It is shown that labour mobility is … highest in Germany, followed by France, and Italy. However, even in Germany, the accommodation of a shock to unemployment by …

particular financial stress in the euro area. A second aim is to construct summary indices on the conditions and level of stress … financial market conditions in the euro area, our results suggest that the data respond quite differently to fundamental shocks … financial sector in the euro area react fairly heterogonously to such shocks. We estimate several common factors and by means of …

We analyze the feedback mechanisms between economic downturns and financial stress for several euro area countries. Our …-linearities and amplification mechanisms for some euro area countries. Thus, these strong amplification effects appear to be related …

We analyze the feedback mechanisms between economic downturns and financial stress for euro area countries. Our study … euro area countries. Moreover, linearity cannot be rejected for all countries over some extensive time period questioning …