This paper uses a VAR approach to study the transmission of monetary policy shocks in Portugal, focusing in particular on the financial decisions of households, corporations (financial/non-financial), the government and the rest of the world. We confirm that, in many ways, households and firms...

Warum ist die Nachfrage nach Geldmengenaggregaten in weiter Abgrenzung im Euro-Raum stabiler als in anderen Währungsgebieten? Ein Überblick auf der Grundlage der Fachliteratur Dieser Aufsatz beleuchtet auf der Grundlage eines Überblicks über die Fachliteratur die Faktoren, die als Erklärung...

This paper investigates the interrelations between monetary, macro- and microprudential policies. It first provides an overview of the three policies, starting with their main instruments and objectives. Monetary policy aims at maintaining price stability and promoting balanced economic growth,...

Do negative policy rates hinder banks' transmission of monetary policy? To answer this question, we examine the behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher ratios of retail overnight deposits to total assets charge...

This paper studies the determinants of loans to the private sector in the euro area. Using the Johansen methodology, the study identifies one cointegrating relationship linking real loans, GDP and interest rates. This relationship implies that in the long-run real loans are positively related to...