export demand depends on the exchange rate. Profit-maximizing monopolistic firms drive a wedge between wholesale and retial …

We examine the bilateral composition of international bond portfolios for the euro area and the individual EMU member … countries. We find considerable support for “euro area bias”: EMU member countries disproportionately invest in one another …-à-vis external counterparties. At the aggregate level, it is those countries physically closest to the euro area that are both the …

In this paper we analyse the exchange rate pass-through (ERPT) in the euro area as a whole and for four euro area … of zero and sign restrictions. Our results emphasize that pass-through in the euro area is not constant over time - it …-through to import prices and overall very small pass-through to consumer inflation in the euro area …

This study investigates the degree and speed of the exchange rate pass through (ERPT) into extra-euro area import … prices for the euro area aggregate and the five largest countries. Based on quarterly frequency data, the analysis covers the … period 1996Q1-2015Q2. Two alternative measures of the nominal exchange rate are used: the NEER of the euro against 38 …

We assess Euro Area financial integration correcting for the role of "onshore offshore financial centers" (OOFCs …) within the Euro Area. The OOFCs of Luxembourg, Ireland, and the Netherlands serve dual roles as both hubs of investment fund … intermediation and centers of securities issuance by foreign firms. We provide new estimates of Euro Area countries' bilateral …