The conflict between Russia and Ukraine that started in March 2014 led Western countries and Russia to impose economic sanctions on each other, including the euro zone members. The paper investigates the impact of the sanctions on the real side of the economies of Russia and the euro area. The...

This paper provides new estimates of Okun’s unemployment-output relationship in euro area countries between 1979 and 2019. We find our structural estimates are stable but substantially lower than the reduced-form estimates that tend to characterise the literature and that the responsiveness of...

In this paper we address the question on whether EMU has amplified or dampened intra euro area divergencies, by looking at a time-varying VAR model of Italy's relative performance compared with the rest of the euro area, spanning from 1976 to 2009. Our main result is that EMU does not appear to...

This study analyzes the relationship among financial development, economic growth, and income inequality using cross-country panel VAR models. Most theoretical models state that these variables interact with one another and generate feedback dynamics. Under the presence of such interactive...

The aim of this paper is to analyze the relationship among economic growth, carbon dioxide emissions, and energy use for 19 APEC countries over the 1960–2013 years. Using a panel VAR technique, a three-variable VAR is estimated. Empirical findings illustrate that no causal relationship emerges...