We assess, through VAR evidence, the effects of monetary policy on banks' risk exposure and find the presence of a risk-taking channel. A model combining fragile banks prone to risk mis-incentives and credit constrained firms, whose collateral fluctuations generate a balance sheet channel, is...

The euro area's political contract requires member nations to rely principally on their own resources when confronted with severe economic distress. Since monetary policy is the same for all, national fiscal austerity is the default response to counter national fiscal stress. Moreover, the...

Record linkage algorithms typically find matches by comparing records on the fields they share. However, PATSTAT shares very little information with company databases. We introduce REMERGE: a flexible, open-source algorithm that allows PATSTAT, the worldwide patent database, to be intelligently...