Optimum currency area : currency area composition and exchange-rate regimes-theory and evidence reconciled -- Measuring the sacrifice ratio : some international evidence / with Kai Leitemo -- Regional labor market adjustment in Norway

We examine the impact of large-scale asset purchases of government bonds on real GDP and the CPI in the United Kingdom and the United States with a Bayesian VAR, estimated on monthly data from 2009 M3 to 2013 M5. We identify an asset purchase shock with sign and zero restrictions. In contrast to...