general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price … worker, job creation and job destruction conditional on a shock to monetary policy. Moreover, allowing for variation of the … helps to explain the sluggishness of inflation and the persistence of output after a monetary policy shock. The ability of …

including a global liquidity aggregate. The impulse responses obtained show that a positive shock to extra-euro area liquidity …

To measure contagion empirically, we propose using a Bayesian time-varying coefficient model estimated with Markov … not require knowledge of the timing of the crisis. It distinguishes contagion not only from interdependence but also from … structural breaks. It can be used to investigate positive as well as negative contagion. The proposed measure appears to work …

contagion among large EU banks. Banksu0092 risk is measured by the first difference of weekly distances to default and abnormal …. Further, the paper proposes a simple metric, which is used to identify contagion from one bank to another and identify …

. Robustly to alternative definitions of the relative price, identification schemes dictated by two-sided (S,s) pricing theory …