Ce papier étudie l'impact des principaux chocs externes qu'a connu la zone euro et ses pays membres depuis le début des années 2000 : chocs monétaire (baisse des taux d'intérêts mondiaux), financier (deux crises boursières) et réel (augmentation des prix du pétrole et accumulation de...

This paper studies the impact of the main external shocks which the eurozone and member states have undergone since the start of the 2000s. Such shocks have been monetary (drop in global interest rates), financial (two stock market crises) and real (rising oil prices and an accumulation of...

On October 10th, 2011 the Royal Swedish Academy of Sciences awarded the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Thomas Sargent and Christopher Sims "for their empirical research on cause and effect in the macroeconomy". In this article we present the...