depend on the particular characteristics of the shocks and the economic structure. In the case of a common shock, fiscal …

depend on the particular characteristics of the shocks and the economic structure. In the case of a common shock, fiscal …

aggregate. The impulse responses show that a positive shock to foreign liquidity leads for the euro area to a permanent increase …

model. We find that a union aggregate systemic risk shock results in a sharp decline in output, with two thirds of the …

This paper presents a two-country model linking Poland and the euro area and applies it for assessment of heterogeneity … describing agents' decision-making in Poland and in the euro area. On the contrary, we find strong evidence for heterogeneity in … estimating the costs of Poland's entry to the European Monetary Union, associated with giving up the monetary autonomy and losing …