Fanelli, Luca; Marsi, Antonio - 2022
unconventional monetary policy shocks along with an `information shock'. In this paper we show that HF surprises in the Euro Area … shock, we consider a third shock, labelled `spread shock', resulting from the ECB management of fragmentation risk in the … sovereign bond markets. The spread shock can be framed within a stylized model of multiple equilibria where a central bank in a …