Darracq Pariès, Matthieu; Maurin, Laurent; Moccero, Diego - 2014
member states (Germany, France, Italy and Spain). The method, which follows Hatzius et al. (2010), is based on factor … the level of policy interest rates, changes in output and inflation. We find that the FCI tracks successfully both … output, inflation, the monetary policy rate, bank loans and bank lending spreads. The credit supply shock extracted with sign …