estimate a VAR model for the euro area in which monetary policy shocks are identified using an external instrument that … identified monetary policy shock is then put into country-specific local projections in order to derive country-specific impulse …This paper studies the transmission of ECB monetary policy, both at the aggregate euro area and the country level. We …

We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over … the period 2003Q1-2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy … economy in the logit submodel. Together with a more pronounced transmission of monetary policy shocks in the crisis state …

We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over … the period 2003Q1–2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy … economy in the logit submodel. Together with a more pronounced transmission of monetary policy shocks in the crisis state …

We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over … the period 2003Q1-2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy … underlying state of the economy in the logit submodel. Together with a more pronounced transmission of monetary policy shocks in …

crisis within a structural VAR framework. An expansionary balance sheet shock stimulates bank lending, stabilizes financial …