The ECB’s recently launched Expanded Asset Purchasing Programme is similar to the quantitative easing programmes undertaken by the US...

We study the macroeconomic effects of monetary policy during financial crises using a Bayesian panel vector autoregressive (PVAR)...

Globalization influences inflation and the transmission channels of monetary policy in various ways. The effects of globalization on...

The ECB has launched an Expanded Asset Purchasing Programme (EAPP) similar to recent Quantitative Easing programmes launched by the...

Hours per capita measures based on the private sector as usually included in the set of observables for estimating macroeconomic...

This paper illustrates, based on an example, the importance of consistency between empirical measurement and the concept of variables...

The recovery from the Global Financial Crisis was characterized by sluggish output growth and by inflation remaining persistently...

Kiel Policy Brief No. 79: The recent decline in euro area inflation has triggered new calls for additional monetary stimulus in order...

The world economy is expanding at a more moderate pace with growth momentum continuing to shift from emerging to advanced economies....

The effects of monetary policy during financial crises differ substantially from those in normal times. Using a panel VAR for 20...

We take stock of the current evidence on fragmentation in financial markets in the  euro area and discuss policy options to...

The standard search model of unemployment predicts, under realistic assumptions about household preferences, that disembodied...

We provide a systematic analysis of the transmission of fiscal consolidation via various instruments in a medium-scale dynamic general...

This paper investigates the accuracy and heterogeneity of output growth and inflation forecasts during the current and the four...

Macroeconomic models with sticky information include an infinite number of lagged expectations. Several authors have developed...

In the aftermath of the global financial crisis and great recession, many countries face substantial deficits and growing debts. In...