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 studies the reaction of the mean and volatility of the euro-dollar exchange rate to statements of ECB … officials during the first years of EMU. We focus on statements on monetary policy and the (potential) strength of the euro. We …. In some cases there are effects of statements on the level of the euro-dollar rate. Efforts to talk up the euro have not …

euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels … such as international bank lending, changes in TARGET2 balances, international rescue credit and government bond purchases … of euro area central banks are identified. It is found that differing fiscal policy stances which have interacted …

whether there is convergence in monetary transmission. The countries included are: Belgium, France, Germany, Italy, the …

We estimate a panel VAR model for the euro area to quantitatively asses the contribution of the TARGET2 system to the … in euro area member countries. Our results suggest that TARGET2 has significantly affected the transmission of capital ow … countries like Spain, Italy, Ireland and Portugal, while to a smaller degree depressing aggregate economic activity in core …

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 …

Northern European countries, in particular Germany, have tended to be in surplus. The paper scrutinizes the role of diverging …