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During and after the Great Recession, the European Central Bank adopted unconventional monetary policies that are more or less uncontroversial in the literature. By contrast, its quantitative easing (QE) program that started in 2015 is highly disputed. The article evaluates the pros and cons of...
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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...
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In our study, we consider a new approach to quantify the effects of economic shocks on monetary transmission. We analyse the widely known phenomenon of price puzzle in a time-varying environment using the frequency decomposition. We use the frequency response function to measure the power of...
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, führt die gemeinsame Geldpolitik zu einer Homogenisierung der Reaktion der Wirtschaftssubjekte auf die Geldpolitik? Die … erlaubt, diese im geldpolitischen Transmissionsmechanismus zu trennen. Die Ergebnisse dieses Aufsatzes deuten daraufhin, dass … Geldpolitik in Euroraum Mitgliedsstaaten bereits in den ersten zehn Jahren sehr ähnlich sein, Differenzen in den Finanzstruktur …
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