response to an asymmetric negative demand shock in a zero lower bound (ZLB) scenario and exacerbates the adverse macroeconomic … effects. However, when monetary policy is able to accommodate the adverse effects of the negative demand shock via … channels empirically. We estimate the effect of a negative asymmetric demand shock on the real exchange rate and inflation …

We estimate the effects of a negative asymmetric demand shock on the real exchange rate for the euro area vis-à-vis the … output, confirming its shock-absorbing capacity before and during the ZLB episode. The stabilizing role of the exchange rate …

approaches to bond and equity prices. By using same input data, applying comparable estimation techniques, and assessing the out …