Burgard, Jan Pablo; Neuenkirch, Matthias; Nöckel, Matthias - 2018 - First Draft: December 21, 2016
multiple variables. We show that monetary policy transmission in the euro area can indeed be described as a mixture of two …In this paper, we estimate a logit mixture vector autoregressive (Logit-MVAR) model describing monetary policy … transmission in the euro area over the period 1999-2015. MVARs allow us to differentiate between different states of the economy …