• 1. Introduction
  • 2. Existing empirical literature
  • 2.1 Interest rate channe
  • 2.2 Exchange rate channel
  • 2.3 The credit channel
  • (a) The bank lending channe
  • (b) The balance sheet channel
  • 2.4 Phillips curve
  • 2Box II
  • 3 Has the monetary transmission process in the euro area changed?
  • 3.1 VAR specification
  • 3.2 Searching for a possible single break date
  • 3.3 VAR estimations with one break in 1996
  • 3.4 Sensitivity analysis and robustness checks
  • 3.5 Another break?
  • 4. Summary of results and conclusions