We construct credit risk indicators for euro area banks and non-financial corporations. These are the average spreads … on the yield of euro area private sector bonds relative to the yield on German federal government securities of matched …-financial and financial firms increasingly reflect national rather than euro area financial conditions. Consistent with this view …

now highly-sensitive GIIPS group and other European country groupings (EU and Euro Area excluding GIIPS, and the non … in GIIPS to other euro countries is not evident once own-country credit rating changes are taken into account …

We show that Eurozone bank risks during 2007-2012 can be understood as a "carry trade" behavior. Bank equity returns …

propose a comprehensive description of how monetary policy affects the euro area economy. We focus mainly on three questions …) if not, is the bank lending channel a likely candidate to complete the story? We find plausible euro-area wide monetary … (relative to consumption) seems to play a larger role in euro area monetary policy transmission than in the U.S. We cannot …

All of the attempts to end the euro crisis and to return the Eurozone countries to healthy growth rates of income and … by the individual Eurozone countries. I describe some of these fiscal options after reviewing the history of failed …

but also spilled over beyond the euro area. Lower interest rates allowed peripheral countries to run bigger deficits … analyze the geography of international debt flows using multiple data sources and provide evidence that after the euro … euro area …

exist in most Eurozone countries. Although the European Central Bank managed the euro in a way that achieved a low rate of …The creation of the euro should now be recognized as an experiment that has led to the sovereign debt crisis in several …The emergence of these problems just a dozen years after the start of the euro in 1999 was not an accident or the …