We scrutinize the role of capital flows for competitiveness in seven euro-area countries in the context of real … convergence and crisis with a specific focus on Greece. The paper extends the seminal Balassa-Samuelson model to include … productivity increases in Greece …

While the financial protection measures enacted by the ECB and the community of Eurozone members have calmed financial … markets, they have left the competitiveness problem of the Eurozone's southern countries and France unresolved. The paper …

We employ two-stage empirical strategy to analyze the impact of macroeconomic news and central bank communication on … the exchange rates of three Central and Eastern European (CEE) currencies against the euro. First we estimate the nominal … currencies to central bank verbal interventions becomes important only during the crisis period, though …

This paper provides an update on the exchange rate pass-through (ERPT) estimates for 12 Euro area (EA) countries. First …-through elasticities, we find very weak evidence of a decline around the inception of the euro in 1999. However, our results reveal that a …

We study central bank interventions in times of severe distress (mid-2010), using a unique bond-level dataset of ECB …, or corporate bonds. Hence, our findings attest to the power of central bank intervention in times of crisis, but also …

We examine the impact of the ECB's QE on Euro Area real GDP and core CPI with a Bayesian VAR, estimated on monthly data …