A large share of global trade being priced and invoiced primarily in US dollar rather than the exporter's or the importer's currency has important implications for the transmission of shocks. We introduce this "dominant currency pricing" (DCP) into...

We summarise the empirical evidence on effects of asset purchases in the euro area, including the PEPP programme launched in response to the COVID-19 cr

The paper argues that the monetary policy response to the COVID-19 crisis has been appropriate in terms of the ECB’s primary objective. The concern ov

... Their work fed into a broader set of estimates by Sebastian Horn and Christoph Trebesch of the Kiel Institute for the World Economy and Carmen Reinhart of Harvard University, who in May became the World ...

Risks to financial stability in the euro area appear to be contained for the time being, but could be substantial in the longer run. The European financ

KBW 15: In a full reserve system, commercial banks would lose the ability to create money out of thin air and to use sight deposits as a source of funding.