Coenen, Günter; Karadi, Peter; Schmidt, Sebastian; … - 2021
lending rates and the gradual interest-rate pass-through in the transmission of monetary policy in the euro area, and (iii …This paper provides a detailed description of an extended version of the ECB’s New Area-Wide Model (NAWM) of the euro … area (cf. Christoffel, Coenen, and Warne 2008). The extended model—called NAWM II—incorporates a rich financial sector with …