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

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

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 … determining the relative weight of these states over time. We show that shocks to the credit spread and shocks to credit standards …

euro area as a whole and in its five largest countries. In a Bayesian VAR framework, the two credit supply shocks are … for business cycles. For the euro area, the explanatory power of the two credit supply shocks for GDP growth variations is …