response to an LSAP shock that leads to a steepening of the U.S. Treasury yield curve, the Treasury positions of euro area …

curvature dynamics. In-sample results further illustrate how time-varying loadings provide insight into changes in yield curve …

We show that the slope of the yield curve affects bank lending and economic activity through an "expected bank …, we show that a steeper yield curve-when driven by higher term premiums rather than higher expected short rates …