This paper analyses the international transmission of monetary shocks with a special focus on the effects of foreign money ("global liquidity") on the euro area. We estimate structural VAR models for the euro area and the global economy including a global liquidity aggregate. The impulse...

In this paper, we test the differential effects of monetary policy shock on aspects of banks' balance sheets (deposits, loans, securities) across bank categories (aggregate banks, state banks, non-state banks) as well as on macroeconomic variables (output, consumer price index, exports, imports,...