In this paper, we provide evidence for a risk-taking channel of monetary policy transmission in the euro area that … compression. We document these findings for the euro area as a whole and for its individual member states. In particular, banks in …

After the global financial crisis and during the European sovereign debt crisis, bank lending to companies in the euro … ECB’s government bond purchases improved financial access on the aggregate euro area level and particularly in the … periphery of the euro area. Hence, countries which need the most stimulus benefit the most from the Public Sector Purchase …

In this paper, we provide evidence for a risk-taking channel of monetary policy transmission in the euro area that … stance, the aforementioned two indicators for the shadow banking sector. Based on vector autoregressive models for the euro … expansion of assets. Country-specific estimations confirm these findings for most of the euro area countries, but also reveal …

the heterogeneity of non-financial firms' financing costs in the Euro area during the European debt crisis and how both …

policy across euro area regions. By exploiting a novel regional dataset on housing-related variables, a structural panel VAR …

policy across euro area regions. By exploiting a novel regional dataset on housing-related variables, a structural panel VAR …

the level and in the heterogeneity of non-financial firms’ refinancing costs in the Euro area during the European debt …

unique Euro area bank lending surveys. Embedding this information within a standard VAR model, we find that: (1) the credit …) during the crisis, credit supply restrictions to firms in the Euro area and tighter standards for mortgage loans in the US …

. Using the U.S. and the unique Euro area surveys, we find that the credit channel amplifies a monetary policy shock on GDP …

The monetary transmission mechanism in the euro area has been adversely affected by the recent crises. Using survey … data on thousands of euro area firms, we study factors that affect the access to finance of SMEs. We find that changes in …