- 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
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