more sensitive to aggregate shocks and the financial accelerator more effective. On the contrary, in high volatility … of high volatility compared to periods of low volatility, using a regime-switching vector autoregression. Exogenous … of monetary policy can be linked to weaker responses of credit costs, suggesting a financial accelerator mechanism that …

aggregate shocks and the financial accelerator more effective. On the contrary, in high volatility periods banks decrease … of high volatility compared to periods of low volatility, using a regime-switching vector autoregression. The lower … effectiveness of monetary policy can be linked to weaker responses of credit costs, suggesting a financial accelerator mechanism …

, this provides further evidence for a financial accelerator in the euro area. Finally, the detrimental effect of credit …

, this provides further evidence for a financial accelerator in the euro area. Finally, the detrimental effect of credit …

the crisis state, this provides further evidence for a financial accelerator in the euro area. Finally, the detrimental …