Neri, Stefano; Ropele, Tiziano - Banca d'Italia - 2015
This paper uses a Factor Augmented Vector Autoregressive model to assess the macroeconomic impact of the euro-area … to the core economies of the euro area through the trade and confidence channels. Second, "modest" (in the sense of … Leeper and Zha, 2003) counterfactual simulations suggest that the accommodative monetary policy stance of the ECB helped to …