Applying a t-DCC-GARCH model to daily spread data, four phases of interaction in euro area sovereign bond markets are identified between January 2008 and June 2013. The initial period (January-October 2008) is followed by a general rise in pairwise correlation values between November 2008 and...

The Italian sovereign bond market experienced considerable disruption in May 2018 and subsequent months amid concerns about the fi scal implications of political developments in Italy. This episode is used to examine relationships among the euro area bond markets some six years after the euro...

Models of inflation usually have monetary policy affecting the economy through either an interest rate channel or a monetary/credit quantity channel but not through both simultaneously. It is argued here that policy is transmitted via two distinct types of agents – those that are and that are...

The performance of the Irish economy stands out across western economies over the past two decades as the later years of its "Celtic Tiger" phase gave way to a sharp and extremely large economic downturn between 2008 and 2012. This severe recession has been followed by a Lazarus-style economic...