‘Mindful gifting’ could be the kindest thing you do for yourself and others this Christmas

Mr. SEPTEMBER/ShutterstockThis year’s Christmas advert from UK department store John Lewis is notable for its emotional impact and captivating storytelling. In it, a middle-aged former raver is gifted a vintage vinyl record by his son. The focus is on this fairly modest gift, which quietly speaks a language of love amid the noise and excess of the festivities.

Financial integration and the transmission of monetary policy in the euro area

We study how financial integration shapes the transmission of monetary policy to consumer prices and output in the euro area. Using local projections, we document that the effect of financial integration is continuous: greater integration systematically strengthens the pass-through of monetary policy. When integration falls to low levels—around the first quartile of its historical distribution— transmission to both prices and output becomes statistically and economically insignificant. The amplification pattern is pervasive across member states and more pronounced in peripheral economies.

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