This paper evaluates the domestic and international impacts of lowering short-term interest rates and increasing budget spending on several indicators of liquidity, volatility, credit and economic activity. Data from the 2003-2011 period in the United States, the euro zone and Canada were used...

This paper investigates how the ECB can reduce financial and banking fragmentation, a stated objective in crisis period. We use regional SVAR models and national GVAR models to study the impact of interest rates, QE and LTROs on price and volume indicators of fragmentation through the main...