• Abstract
  • Non-technical summary
  • 1 Introduction
  • 2 Related literature
  • 3 Theory
  • 4 Data and empirical strategy
  • 4.1 Data
  • 4.2 Instrumentation
  • 4.3 Taking the models to the data
  • 5 Results
  • 6 Concluding discussion
  • References
  • Appendices
  • European Central Bank Working Paper Series