Hubrich, Kirstin; D’Agostino, Antonello; Cervená, … - European Central Bank - 2013
This paper analyses the transmission of financial shocks to the macroeconomy. The role of macro-financial linkages is … or a common pattern in macro-financial linkages across the euro area and do these linkages vary over time? 4) Do cross … indicators of real activity whereas the latter leads loan developments. Furthermore, evidence is presented that macro …