following the slump points to the accommodation of the shock by the ECB, concurrent with the implementation of the Quantitative …

the Maltese economy. The model focuses on five broad macroeconomic shocks hitting the euro area; an aggregate demand shock … global market for oil, a generic monetary policy shock encompassing both conventional and unconventional interventions, and a … financial stress shock. The model is estimated using Bayesian methods over a sample that goes from 2003Q1 to 2019Q4 and …

shock has remained fairly stable. Simulations from a non-linear DSGE model suggest that these empirical results are …