Although the Scottish electorate voted down independence in 2014, Brexit has led to renewed calls from Scottish political leaders for a second referendum. Scottish independence would likely lead to joining the European Union, and this would obligate Scotland to eventually join the euro common...

Although the Scottish electorate voted down independence in 2014, Brexit has led to renewed calls from Scottish political leaders for a second referendum. Scottish independence would likely lead to joining the European Union, and this would obligate Scotland to eventually join the euro common...

For the European Central Bank to incorporate euro-wide housing into its policy decisions, it is helpful if home values across the currency union are convergent in the long run. We apply a probabilistic pair-wise approach to the question of whether home values converge across eight euro-zone...

A lack of co-movement among the national housing markets in the euro monetary union makes the job of the ECB difficult. If markets are depressed in some countries, while booming in others, the ECB would be unable to create simultaneous loose and tight monetary conditions tailored to each...

Co-movement in different regional housing markets has implications for portfolio management, as well as the effectiveness of monetary and other policies. Such co-movement has thus been the subject of several previous studies. Research on regional house price cohesion has tended to focus either...

A number of papers over the last decade have posited that Optimal Currency Areas are endogenous with respect to business cycle synchronization. The claim is that a common currency will greatly increase trade, and then trade will increase output synchronization. Countries that thus seem...