contemporaneously to output and inflationary pressures. Inflation is mostly driven by interest rate shock over the medium to long term …, pointing to an impact of monetary policy. In the short term, however, exchange rate shock has relatively larger influence on …

We examine the credit channel of monetary policy from 2000 to 2015 in the Euro Area using daily monetary policy shock … and credit risk measures in an autoregressive distributed lag model. We find that an expansionary monetary policy shock …

higher consumption. Moreover, the shock absorption capability increases in an economy with CBDC. This particularly applies to …