We explore deviations from short-run purchasing power parity across European cities, attempting to move beyond a "first generation" of papers that document very large border effects. We document two very distinct types of border effects embedded in relative prices. The first is a "real barriers...

This paper attempts to assess the Europe-wide systemic risk in banking. We employ a bivariate GARCH model to estimate conditional correlations between European bank stock indices. These correlations are used as an indication for the interdependencies amongst the banking business in Europe and...

We analyze the dynamics of price jumps and the impact of the European debt crisis using the high-frequency data reported by selected stock exchanges on the European continent during the period January 2008 to June 2012. We employ two methods to identify price jumps: Method 1 minimizes the...