Jannsen, Nils; Potjagailo, Galina; Wolters, Maik H. - 2015
We study the macroeconomic effects of monetary policy during financial crises using a Bayesian panel vector … and a subsequent recovery phase. We show that an expansionary monetary policy shock has large positive effects on output … variables are much less relevant for monetary policy transmission outside financial crises. Counterfactual analysis shows that …