In 1931, a financial crisis began in Austria, spread to Germany, forced Britain to abandon the gold standard, crossed the Atlantic, and afflicted financial institutions in the United States. This article describes how banks in New York City, the central money market of the United States, reacted...

We estimate the dynamic effects of a high-frequency identified unionwide quantitative easing (QE) shock on real GDP, inflation and unemployment in all euro area countries. We document that the effects of QE are very heterogenous across countries as regards size, significance and timing,...

Zu hohe Schulden der privaten Haushalte und Unternehmen haben maßgeblich zum Ausbruch und Verlauf der Finanzkrise beigetragen. Um eine Wiederholung zu vermeiden, wird die private Verschuldung inzwischen überwacht. Betrachtet wird dabei primär die Schuldenhöhe. Ihre Struktur (d. h....

This paper empirically investigates the impact of U.S. monetary policy surprises on the volatility of stock market returns for euro area countries. More specifically, to extract the unanticipated component of the U.S. monetary policy, we follow the Kuttner's methodology and we use the federal...

This introductory essay briefly summarizes the eleven empirical studies of price setting and price adjustment that are included in this special issue. The studies, which use data from several European countries, were conducted as part of the European Central Bank's Inflation Persistence Network

This introductory essay briefly summarizes the eleven empirical studies of price setting and price adjustment that are included in this special issue. The studies, which use data from several European countries, were conducted as part of the European Central Bank's Inflation Persistence Network

Treasury bonds provide money-like services, while other bonds do not. These money-like services, which include safety and liquidity, are valued more during financial crises, reducing the substitutability of actual Treasuries and synthetic Treasuries — other types of bonds that yield the same...