on potential differences in the transmission of the monetary policy shock depending on the level of interest rates in the … country from where the shock originates, i.e., the euro area. A euro area monetary policy shock when euro area interest rates … are positive at the time the shock occurs tends to trigger positive spillovers to industrial production, house and stock …

monetary policy shock across different countries, maturities, yield components and over time. The results identify a significant …

sector. Shock decompositions suggest a positive contribution of ECB QE to annual euro area output growth and inflation in …

positive policy rate shock positively for all periods and have a hump shape for government debt security yields as well as for … all interest rates to the policy shock increase; (iii) the responses to the policy shock of credit interest rates with …

leads to a significantly smaller increase in long-term bond yields if policy uncertainty is high at the time of the shock … are robust to the measurement of monetary policy uncertainty and the definition of the monetary policy shock. We argue … policy uncertainty leads to opposite effects with term premia increasing even more after a policy shock. …