In this paper we characterize the transmission mechanism in a monetary union with segmented financial markets. We conclude that the impact of a monetary policy shock on the aggregate variables of the union depends on the degree of financial market segmentation. We also find that a monetary...

This article uncovers the distribution of returns to education at the household level using quantile regression techniques applied to a representative household survey in Portugal. We conclude that education has a positive impact on within-level income inequality, but no significant impact on...

This article analyses the response of a set of euro area macroeconomic variables to monetary policy and technology shocks based on structural Vector Auto-regressions (VARs). The data set runs from 1970:1 until 2006:4 and includes a novel long-run series for hours worked per capita in the euro...