Budnik, Katarzyna; Bochmann, Paul - 2017
? To answer this question we study the responses of 219 individual banks to aggregate demand, standard and unconventional … monetary policy shocks in the euro area between 2007 and 2015. Banks' responses are derived from a factor-augmented VAR, which … relates macroeconomic aggregates to individual bank balance sheet items and interest rates. We find that banks with high …
