Eickmeier, Sandra; Hofmann, Boris; Worms, Andreas - In: German Economic Review 10 (2009) 05, pp. 193-223
This paper analyzes the dynamic response of loans to the private sector and of economic activity to aggregate supply, demand and monetary policy shocks in Germany and the euro area based on a standard macroeconomic VAR using sign restrictions to identify the structural shocks. The main results...