This paper provides evidence on whether the creation of the euro has changed the way global turbulences affect euro … area and other economies. Specifically, it considers the impact of global shocks on the competitiveness of individual euro … over 60 countries.real effective exchange rates, including those of the individual euro area economies, and compares …

This paper uncovers the response pattern to global shocks of euro area countries' real effective exchange rates before … and after the start of Economic and Monetary Union (EMU), a largely open ended question when the euro was created. We …-EMU responses of euro area countries to global risk aversion shocks have become similar to those of Italy, Portugal or Spain before …

' probabilities of default (PDs) for the four largest euro area countries. We estimate the impact of shocks on one-year PDs using … risk. An adverse supply shock leads to a deterioration of firms' riskiness 10 per cent above the average PD. Contractionary …

Since 1 January 1999 the ECB has conducted a single monetary policy in the euro area, but the mechanisms by which and …

Die Einführung des Euro stellt eine wesentliche Änderung der geldpolitischen Rahmenbedingungen einer Anzahl …, führt die gemeinsame Geldpolitik zu einer Homogenisierung der Reaktion der Wirtschaftssubjekte auf die Geldpolitik? Die … vorliegende Arbeit versucht Antworten auf beide Fragen zu geben. Der erste Aufsatz untersucht die Effekte der Geldpolitik in den …

that ERPT changes with the kind of shock and the monetary policy response to it. …

) as well as the special ad-hoc questions on the LTROs conducted in mid-February 2012. We estimate a panel-VAR for the euro …

of the monetary union, have on the rest of the world. Disentangling euro area stress shocks and global risk aversion …) model with financial variables. We find that the effects of euro area stress shocks are significant not only for the euro … area but also for the rest of the world. Notably, an increase in euro area stress entails a slowdown of economic activity …