nontraded output after a positive monetary shock, if the pass-through is zero, traded output increases less. Moreover, ignoring …

channel (BLC) of monetary transmission in Brazil between 1995 and 2012. I extend the standard empirical approach in two main …

significant impact on the health of euro area banks. Information effects, which made the private sector more pessimistic about …. We show that ECB communications at the press conference were crucial for the market response and that bank health …