The global financial crisis has highlighted the potential of financial conditions for influencing real economic … activity. We examine the linkages between the financial and real sectors in the euro area, finding that (i) bank loan supply …

We analyze the European Central Bank's (ECB's) response to the global financial crisis. Our results suggest that even … during the crisis, the core part of ECB's monetary policy transmission-from policy rates to market rates-has continued to …

While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy … perspective, to what extent do movements in euro area sovereign spreads reflect country-specific solvency concerns? In line with … previous studies, the paper suggests that euro area sovereign risk premium differentials tend to comove over time and are …

during the Eurozone crisis. We propose a model to analyze and understand bailouts in a monetary union, and the large observed … activity, debt-to-gdp ratio, default costs). Our model embeds a 'Southern view' of the crisis (transfers did not help) and a … bailout was to prevent an exit from the eurozone and possible contagion. Bailouts to avoid sovereign default were …

sovereign debt crisis have been driven mainly by weak growth prospects and heightened sovereign risk and to a lesser extent, by …

We examine spillovers from ECB's TLTROs on European countries outside the euro area. Using individual banks' balance … rates and 0.4 bps reduction in lending rates of foreign subsidiaries. This underscores the need to factor euro area monetary … policies into policy settings outside the euro area …

This paper provides new estimates of Okun's unemployment-output relationship in euro area countries between 1979 and … characterise the literature and that the responsiveness of output to unemployment is driven by idiosyncratic factors in both euro … the euro periphery, we find product market regulation as playing a major role in explaining the significance of Okun's law …

Central bank liquidity lines have gained momentum since the global financial crisis as a crosscurrency liquidity … effects. The announcement of an ECB euro liquidity line decreases the premium paid by foreign agents to borrow euros in FX … equity prices increase by around 1.75% in euro area countries highly exposed via banking linkages to countries whose …