A financially stressed euro area

Constructing Historical Euro Area Data

Time series analysis for the Euro Area requires the availability of sufficiently long historical data series, but the appropriate construction methodology has received little attention. The benchmark dataset, developed by the European Central Bank for use in its Area Wide Model (AWM), is based on fixed-weight aggregation across countries with historically distinct monetary policies and financia...

Culturally-Bound Innovation in Romanian Teaching and Research Hospitals

In Anatomy of a Hospital, Ashley (1987) makes an intriguing figurative diagnosis of the hospital organizational life. So it is this hospital culture, supported by many figures, but still intriguing in its essence, and posing threats to whoever would attempt to approach it in an orderly managerial manner. To speak about innovation in a system which is financially burdened, on the one hand, and s...

Euro Area and US Recessions , 1970 – 2003

The Liquidity Effect in the Euro Area

This paper presents an analysis of the liquidity effect in the euro area – the link between the availability of aggregate liquidity and the interbank overnight rate. Applying a set of assumptions which also lead to the “martingale property” of the overnight rate, a model linking the latter to the expected aggregate liquidity conditions is formulated and calibrated. Different assumptions for how...

Housing Finance in the Euro area

In 2009 all ECB publications feature a motif taken from the €200 banknote.