United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the … increased strongly around EMU. Although spillover effects from the United States to the euro area remain stronger than in the … EMU. Second, beyond these general linkages, the paper finds that certain macroeconomic news about the US economy have a …

changed with the advent of EMU. It addresses this issue from the perspective of financial markets by analysing the effects of … markets has increased strongly around EMU. Although spillover effects from the United States to the euro area remain stronger … than in the opposite direction, US markets have started reacting to euro area developments since the onset of EMU. Second …

: has it changed after - and because of - EMU and, if so, is it becoming homogeneous across countries. Given the data … evidence that the transmission through banks has become more potent and homogeneous across countries because of EMU. On the … even before EMU, and to now affect national economies in a broadly similar way. The asset-market channel (proxied by the …

using high-frequency bond yield data for France, Germany, Italy and Spain. We find that Economic and Monetary Union (EMU … substantial increase in the anchoring of long-term inflation expectations since EMU, particularly for Italy and Spain, which since …