Während die europäische Bankenunion seit dem Finanzministertreffen im Dezember 2013 konkrete Züge annimmt, bleiben die Vorschläge der Politik zur Gestaltung einer Fiskalunion vage. Hingegen werden in der Wissenschaft und politischen Beratung mittlerweile mehrere Modelle eines...

Although macroeconomic effects of asset purchases are intensively discussed, the literature addressing "tapering" is rather thin. Using a broad definition of tapering the study considers three tapering scenarios within a Dynamic Stochastic Equilibrium Model: A reduction of net purchases in the...

Although macroeconomic effects of asset purchases are intensively discussed, the literature addressing "tapering" is rather thin. Using a broad definition of tapering the study considers three tapering scenarios within a Dynamic Stochastic Equilibrium Model: A reduction of net purchases in the...

The notes in this compilation provide an indication of the possible economic and financial impact of Brexit on the euro-area/EU economy. Notwithstanding the potential adverse effects, Brexit could also provide an opportunity for far-reaching reform to the euro area governance. The notes have...

The notes in this compilation provide an indication of the possible economic and financial impact of Brexit on the euro-area/EU economy. Notwithstanding the potential adverse effects, Brexit could also provide an opportunity for far-reaching reform to the euro area governance. The notes have...

The paper analyses the empirical relationship between bank risk and sovereign credit risk in the euro area. Using structural VAR with daily financial markets data for 2003-13, the analysis confirms two-way causality between shocks to sovereign risk and bank risk, with the former being overall...

The paper analyses the empirical relationship between bank risk and sovereign credit risk in the euro area. Using structural VAR with daily financial markets data for 2003-13, the analysis confirms two-way causality between shocks to sovereign risk and bank risk, with the former being overall...

We study the macroeconomic effects of unconventional monetary policy in the euro area using structural vector autoregressions, identified with an external instrument. The instrument is the common unexpected variation in euro area sovereign spreads for different maturities on policy announcement...