Dinger, Valeriya; Steinkamp, Sven; Westermann, Frank - CESifo - 2012
Central bank credit has expanded dramatically in some of the euro area member countries since the beginning of the … monetary policy that includes (i) a credit channel and (ii) a common pool problem in a monetary union. We illustrate that the …, we present empirical evidence that is consistent with the view of fragmented monetary policy and changing policy …