autarchic (i.e. fundamental) FX returns. The model is calibrated and tested on the Czech koruna/euro exchange rate in a setting … with seven Czech and euro area asset returns. …

We examine the euro area monetary policy transmission process using post-1999 data, with two main questions in mind …

. The paper focuses on the euro area and utilises two variants of an estimated small-scale macroeconomic model featuring …

in an estimated DSGE model of euro area. We then analyse its impact on optimal monetary policy and investigate the …

money ("global liquidity") on the euro area. We estimate structural VAR models for the euro area and the global economy … including a global liquidity aggregate. The impulse responses obtained show that a positive shock to extra-euro area liquidity … leads to permanent increases in the euro area M3 aggregate and the price level, a temporary rise in real output and a …

Within a two-step GARCH framework we explore the linkages between equity returns of ten sectors in the euro area, the … process towards higher integration has been primarily a phenomenon of equity markets in the euro area and the United States. …

Four years after the introduction of the euro, this paper provides an overview of the current structure and integration … of the euro area financial systems and related policy initiatives. We first compare the euro area financial structure … with that of the United States and Japan. Using new and comprehensive financial account data, we also describe how the euro …