Transitioning to a low-carbon economy requires undertaking massive investment expenditures, and how to finance these expenditures remains at the core of economic debates. However, the cost of not transitioning to a low-carbon economy is often forgotten in these debates. These costs have...

The paper investigates the macroeconomic and financial effects of oil prices shocks in the euro area since its creation in 1999, with a special focus on the recent slump. The analysis is carried out episode by episode, within a time-varying parameter framework, consistent with the view that "not...

Policy impact studies often suffer from endogeneity problems. Consider the case of the ECB Securities Markets Programme: If Eurosystem interventions were triggered by sudden and strong price deteriorations, looking at daily price changes may bias downwards the correlation between yields and the...