This paper studies the transmission of ECB monetary policy, both at the aggregate euro area and the country level. We … estimate a VAR model for the euro area in which monetary policy shocks are identified using an external instrument that … identified monetary policy shock is then put into country-specific local projections in order to derive country-specific impulse …

We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over …, this provides further evidence for a financial accelerator in the euro area. Finally, the detrimental effect of credit …

We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over …, this provides further evidence for a financial accelerator in the euro area. Finally, the detrimental effect of credit …

We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over … the crisis state, this provides further evidence for a financial accelerator in the euro area. Finally, the detrimental …

We augment a standard monetary DSGE model to include a banking sector and financial markets. We fit the model to Euro … intermediation turns an otherwise diversifiable source of idiosyncratic economic uncertainty, the 'risk shock', into a systemic force …

estimated using a Bayesian framework and data for the United States and the euro area. The main result is that cost channel …