Ciccarelli, Matteo; Maddaloni, Angela; Peydró, José-Luis - European Central Bank - 2013
affected the transmission mechanism of the single Euro area monetary policy during the crisis until the end of 2011. The … sovereigns, banks, firms and households. The impact of monetary policy on aggregate output is stronger during the financial … results suggest that the bank-lending channel has been partly mitigated by the ECB nonstandard monetary policy interventions …