We examine the credit channel of monetary policy from 2000 to 2015 in the Euro Area using daily monetary policy shock and credit risk measures in an autoregressive distributed lag model. We find that an expansionary monetary policy shock leads to a short-run increase in the credit risk of...

We investigate the e ect of monetary policy on European macroeconomic variables using a small-scale vector autoregression (VAR) and the "Effective Monetary Stimulus" (EMS). The EMS is a monetary policy metric obtained from yield curve data that is designed to consistently reflect the overall...

To deal with changes of capitalized seignorage due to EMU, we supply the still missing capital-theoretical framework. We show that seignorage pooling of EMU is composed of two components, a dynamic component and a static component. By its dynamic component, the pool provides insurance against...