- Abstract
- Non-technical summary
- 1 Introduction
- 2 Empirical results in the literature
- 3 Theoretical considerations
- 4 Empirical results
- 4.1 Data
- 4.2 Estimated model
- 4.3 Aggregate euro area results
- 4.4 Panel data results
- 5 Concluding remarks
- 6 References
- Appendices
- European Central Bank Working Paper Series
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