We study the transmission of monetary shocks across euro-area countries using a dynamic factor model and high-frequency identification. We develop a methodology to assess the degree of heterogeneity, which we find to be low in financial variables and output, but significant in consumption,...

The distributional and disruptive effects of energy supply shocks are potentially large. We study the effectiveness of alternative fiscal responses in a two-country HANK model calibrated to the euro area. Subsidies can stabilize the domestic economy, but they are fiscally costly and generate...

Southern African Development Community (SADC) and East African Community (EAC) countries are exploring the feasibility of establishing a monetary union. This study assesses the economic integration in the two blocs, using the interest rate pass‑through mechanism to determine the convergence of...