This paper examines the presence of nonlinear mechanisms in the exchange rate pass-through (ERPT) to CPI inflation for 12 euro area (EA) countries. Using smooth transition models, we explore the existence of non-linearities with respect to three macroeconomic factors, namely inflation rate,...

In the present work we propose an original analytical model of coopetitive game. We shall apply this analytical model of coopetition (based on normal form game theory) to the Greek crisis, while conceiving this game theory model at a macro level. We construct two realizations of such model,...

In this paper I present a statistical analysis of some macroeconomic data that can shed more light on the causes of the low inflation rate that we registered in the Euro area during the last years. I focus on both the globalization and the labour market for their importance, as external and...

In this paper, we propose a new coincident monthly indicator to detect in real-time the start and the end of an economic recession phase for the Euro area. In this respect, we use the methodology proposed in Anas and Ferrara (2002, 2004) as regards the recession indicator for the US, based on...

Previous studies have investigated the comovements of international equity markets by using correlation, cointegration, common factor analysis, and other approaches. In this paper, we investigate the stochastic structure of major euro and non-euro area stock market series from 1994 to 2006, by...

Previous studies have investigated the comovements of international equity returns by using mean correlations, cointegration, common factor analysis, and other approaches. This paper investigates the evolution of the affinity among major euro and non-euro area stock markets in the period...

Convergence and synchronisation of business and growth cycles are important issues in the efficient formulation of euro area economic policies, and in particular European Central Bank (ECB) monetary policy. Although several studies in the economics literature address the issue of synchronicity...

The paper studies the structural convergence of the Central and Eastern European countries (CEECs) with the Euro area, in order to determine whether the last decade led an increase or a decrease of the gaps between these two regions. The main findings of the paper indicate that only three CEECs...

Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that accounts for this “sovereign risk channel.” The model is calibrated to the euro...