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 …

As a response to the COVID-19 shock, the Uruguayan government expanded an existing public credit guarantee and … governments throughout the world. This paper contributes to the financial additionality literature and the literature on the bank … policy responses to the COVID-19 shock over loan interest rates. We find that the PCG policy had a relatively higher effect …