Eickmeier, Sandra; Metiu, Norbert; Prieto, Esteban - 2016
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 …