We examine the euro area monetary policy transmission process using post-1999 data, with two main questions in mind …

inflation and the output gap, are unstable when estimated on euro area data and forecast poorly out of sample. We present an …

This paper provides a simple weekly model of the regular supply of liquidity in the euro area, with a view to … understanding the functioning of the euro area money market. The main result of the analysis is that liquidity has normally been …

. The paper focuses on the euro area and utilises two variants of an estimated small-scale macroeconomic model featuring …

money ("global liquidity") on the euro area. We estimate structural VAR models for the euro area and the global economy … including a global liquidity aggregate. The impulse responses obtained show that a positive shock to extra-euro area liquidity … leads to permanent increases in the euro area M3 aggregate and the price level, a temporary rise in real output and a …

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 …