We analyze the net issues of the national euro area central banks in relation to the dynamics of the shadow economy … within a panel cointegration framework. Besides the total net issues, we distinguish between large, medium and small euro … euro area countries. The use of large and small denominations is obviously not driven by the shadow economy. For comparison …

This paper focuses on the relation between external imbalances and domestic money and credit growth in the euro area …. We compute money and credit overhang both for the euro area as a whole and for individual member countries. Our results …

We use an original monthly dataset of 131 individual euro area banks to examine the effectiveness and transmission …

In this paper, we provide evidence for a risk-taking channel of monetary policy transmission in the euro area that … stance, the aforementioned two indicators for the shadow banking sector. Based on vector autoregressive models for the euro … expansion of assets. Country-specific estimations confirm these findings for most of the euro area countries, but also reveal …

transmission in the euro area over the period 1999-2015. MVARs allow us to differentiate between different states of the economy … multiple variables. We show that monetary policy transmission in the euro area can indeed be described as a mixture of two … the transmission mechanism is indeed different for the euro area during times of economic and financial distress …

While the ECB helped mitigate the euro crisis in the aftermath of Lehman, it has stretched its monetary mandate and …

In this paper, we provide evidence for a risk-taking channel of monetary policy transmission in the euro area that … compression. We document these findings for the euro area as a whole and for its individual member states. In particular, banks in …