I estimate the effects of different types of credit market disturbances on the euro area economy since the introduction of the euro, i.e. exogenous credit demand shocks, innovations to the credit multiplier (e.g. shocks to risk taking by banks, securitization or financial innovations such as...

This paper explores time variation in the dynamic effects of technology shocks on U.S. output, prices, interest rates as well as real and nominal wages. The results indicate considerable time variation in U.S. wage dynamics that can be linked to the monetary policy regime. Before and after the...