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Estimating the Real Effects of Uncertainty Shocks at the Zero Lower Bound
(15.11.2017)
European Economic Review November
European Economic Review November
We employ a parsimonious nonlinear Interacted-VAR to examine whether the real effects of uncertainty shocks are greater when the economy is at the Zero Lower Bound. We find the contractionary effects of uncertainty shocks ...
Deep Recessions, Slowing Productivity and Missing (Dis-)inflation in the euro area
(05.03.2021)
European Economic Review May ; 2021
European Economic Review May ; 2021
This paper analyses the role of endogenous total factor productivity dynamics in explaining business cycle persistence as well as the missing (dis-)inflation and productivity puzzles in the euro area. We show by means of ...
State dependence of monetary policy across business, credit and interest rate cycles
(15.10.2021)
European Economic Review November
European Economic Review November
We study how phases of the business, credit and interest rate cycles affect the transmission of monetary policy using state-dependent local projection methods and data from 18 advanced economies. We find that the impact ...
How much do non-performing loans hinder loan growth in Europe?
(26.05.2021)
European Economic Review July
European Economic Review July
The severe recessions following the global financial crisis of 2007–2008 left numerous European banks with acutely distressed loan books. In the subsequent recovery, bank lending in Europe has fallen dramatically behind ...