transmission in the euro area over the period 1999-2015. MVARs allow us to differentiate between different states of the economy … multiple variables. We show that monetary policy transmission in the euro area can indeed be described as a mixture of two … the transmission mechanism is indeed different for the euro area during times of economic and financial distress. …

In this paper, we provide evidence for a risk-taking channel of monetary policy transmission in the euro area that … compression. We document these findings for the euro area as a whole and for its individual member states. In particular, banks in …