Bennani, Hamza; Burgard, Jan Pablo; Neuenkirch, Matthias - 2021
We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over … the period 2003Q1-2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy … underlying state of the economy in the logit submodel. Together with a more pronounced transmission of monetary policy shocks in …