Ciccarelli, Matteo; Maddaloni, Angela; Peydró, José-Luis - European Central Bank - 2013
affected the transmission mechanism of the single Euro area monetary policy during the crisis until the end of 2011. The …The Euro area economic activity and banking sector have shown substantial fragility over the last years with remarkable … sovereigns, banks, firms and households. The impact of monetary policy on aggregate output is stronger during the financial …