this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this … financial sector may have exacerbated the emergence of macroeconomic imbalances within the euro area. Additionally, we show the …

suggests. We conduct a detailed investigation of the distribution of wealth transfers in eight Euro-area countries. First, we …

We propose an arbitrage-free shadow-rate term structure model to analyze the euro-area yield curve from 1999 to mid … negative level, while the actual one-month rate cannot fall below some lower bound perceived by market participants. This bound …

the line of thought of its prevalent explanation in equilibrium economics which is focusing on market failures as its key … contrasted with a non-equilibrium economics perspective on EU regional policy. Based on this, the existence of market failures …. Finally, the non-equilibrium economics perspective on EU regional policy is also animadverted, since market failure thinking …

Spain appreciated relative to the rest of the euro area. This divergence in competitiveness was reflected in the emergence … potential way to address such imbalances is through a fiscal devaluation. We use a DSGE model calibrated to the euro area to …