within VAR, structural VAR, and the Factor-Augmented VAR framework. We document a well-functioning transmission mechanism similar to the euro area countries, especially in terms of persistence of monetary policy shocks. Subject to various sensitivity tests, we find that contractionary monetary...

This dissertation examines the role of bank structure on the effectiveness of monetary policy. Using time series data for U.S. banks, I examine the varying effect of monetary policy on bank lending for the period 1976-2003. It is found that as the banking industry gets more concentrated (through...

Las instituciones financieras globales desempeñan un papel importante en la canalización de fondos entre países y, por lo tanto, en la transmisión de la política monetaria de un país a otro. En este trabajo, estudiamos si dicha transmisión internacional depende de los modelos de negocio...

Artículo de revista ; In 2022 to date there has been a tightening of financing conditions for firms and households, with a strong rise in the cost of corporate debt issuance and a contraction in the supply of loans. However, the pass-through of market interest rates to bank lending interest...

Rationale. To analyse, owing to their macroeconomic implications, the conditions and volume of funding raised by households and firms and to quantify the credit risk taken on by deposit institutions via loans to these two sectors.Takeaways. • Financing conditions continued to tighten in the...

Rationale This article analyses the factors that are contributing to the widening of the spread between the euro short-term rate (€STR) and the deposit facility rate, with a view to assessing monetary policy transmission in the Eurosystem. Takeaways •The key factors that explain the...