(2019), "Slow Moving Debt Crises", American Economic Review, 109 (9), 3229-3263; and Jarociński, M. and Maćkowiak, B. (2018), “Monetaryfiscal interactions and the euro area's malaise”, Journal of International Economics, Vol. 112, May, pp. 251-266. 9. See also Giovannini et al. (2021), “An early view on euro area risksharing during the COVID-19 crisis”, VOX EU column, 10 January. 10.
See Schmidt, S. and Nakata, T. (2019), “Expectations-driven liquidity traps: Implications for monetary and fiscal policy”, Working Paper Series, No 2304, ECB. 11. Nakamura, E. and Steinsson, J. (2018), “High Frequency Identification of Monetary Non-Neutrality: The Information Effect”, Quarterly Journal of Economics, 133(3), pp. 1283-1330; and Jarociński, M. and Karadi, P. (2020), "Deconstructing Monetary Policy Surprises—The Role of Information Shocks."