dollar shock, generalised impulse response function shocks and a global shock to risk aversion. Our results show that the way … depends crucially on the nature of the shock. This result is noteworthy given the apparent divergence in competitiveness …

) as well as the special ad-hoc questions on the LTROs conducted in mid-February 2012. We estimate a panel-VAR for the euro …

the NMS, by using a Bayesian estimation that combines information across countries. The impulse responses in the NMS are …

easing (QE). We study how lending responds to each shock using detailed bank, firm, and household data from Portugal, a …

, with a contractionary shock leading to a downward revision of expectations. Second, we show that firms’ response depends on … the size and the sign of the shock, with only large and contractionary shocks having a significant negative effect on … expectations. Third, we observe that the different components of central bank communication (i.e. the pure monetary policy shock …