We estimate the effects of a negative asymmetric demand shock on the real exchange rate for the euro area vis-à-vis the … output, confirming its shock-absorbing capacity before and during the ZLB episode. The stabilizing role of the exchange rate …

that such disturbances are important drivers of output fluctuations in both economies, we find the shock responses of …

-bank loans to be substitutes for bank loans with negative responses to a positive loan supply shock while trade credit is a …

real economic activity growth, in line with a risk shock. Conversely, a certainty shock (a shock strongly decreasing …'s (2009) two identification steps into one. I find that an uncertainty shock widens the conditional distribution of future … that the two shocks are different shocks. Each shock impacts the real economy uniquely. I support this with the underlying …

Cholesky multivariate stochastic volatility model.It establishes that systematically different dynamic restrictions are imposed … divergent when volatility clusters idiosyncratically.It is illustrated that this property is important for empirical …

increase in investors' risk appetite, as measured by the VIX, triggering capital flows into speculative currencies when the ECB …