• 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