The dramatic increase in securitisation activity experienced in Europe in the years following
the introduction of the euro has altered the liquidity, credit and maturity transformation role …

The 20th anniversary of Economic and Monetary Union (EMU) offers an opportunity to look
back on the ECB's record and learn lessons that can improve the conduct of policy in the …

We investigate the flattening Phillips relation by making two departures from standard
specifications. First, we measure slack using real activity variables that are bandpass filtered …

We study sources and consequences of fluctuations in the US housing market. Slow
technological progress in the housing sector explains the upward trend in real housing …

This paper shows that inflation in industrialized countries is largely a global phenomenon.
First, inflations of 22 OECD countries have a common factor that accounts for nearly 70% of …

This paper examines empirically whether the measurement of trend inflation can be
improved by using disaggregated data on sectoral inflation to construct indexes akin to core …

This paper studies the effects of fiscal policy on private GDP, inflation and the long-term
interest rate in Italy using a structural Vector Autoregression model. To this end, a database …

Global governance of international banks is breaking down after the Great Financial Crisis,
as national regulators are withdrawing on their home turf. New evidence presented …

Removal of short-run dynamics from a stationary time series to isolate the medium-to long-
run component can be obtained by a bandpass filter. However, bandpass filters are infinite …

In recent years, the volume of available financial and economic data has led
econometricians to develop or adapt methods to efficiently summarize the information …