conditions, credit default and bank capitalization for the transmission of macroeconomic shocks. We fit the model to euro area … empirical literature, i.e. the pro-cyclicality of bank profitability and the counter-cyclical response of firm default rates and …

results highlight the importance of the starting level of bank capital, bank asset quality, and banks' adjustments for the …

We contribute to the empirical literature on the impact of shocks to bank capital in the euro area by estimating a … economy, namely a demand shock and a shock to bank capital. The main findings of the paper are as follows: i) Impulse …-response analysis shows that in response to a shock to bank capital, banks boost capital ratios by reducing their relative exposure to …

the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for …

facilitate an assessment of the effectiveness of monetary policy. There is clear evidence that the European Central Bank's money …

facilitate an assessment of the effectiveness of monetary policy. There is clear evidence that the European Central Bank's money …

In June 2014 the ECB became the first major central bank to lower one of its key policy rates to negative territory … by using individual bank data for the euro area to identify possible adjustments by banks triggered by the introduction … of negative interest rates through three channels: government bond holdings, bank lending, and wholesale funding. We find …

liquidity provision and the roles of the public budget and the central bank. The comparison also reveals that the role of fiscal …