This paper investigates whether the degree of interdependence between the United States and the euro area economies has changed with the advent of EMU. It addresses this issue from the perspective of financial markets by analysing the effects of monetary policy and macroeconomic news on daily...

Chapter 1: Introduction -- Chapter 2: The US financial system from the National Banking Act to the crisis of 2007 -- Chapter 3: The birth of the Federal reserve and its monetary policy -- Chapter 4: Non bank financial intermediaries and the crisis of 1929 -- Chapter 5: The Great Depression --...

This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and...