Bech, Morten L.; Gambacorta, Leonardo; Kharroubi, Enisse - In: International Finance 17 (2014) 1, pp. 99-119
This paper analyses the effectiveness of monetary policy during downturns associated with financial crises. Based on a sample of 24 developed countries, our empirical analysis suggests that monetary policy is less effective following a financial crisis as the monetary transmission mechanism is...