The paper finds evidence of non-linearities in the dynamics of the euro-area demand for the narrow aggregate M1. A long-run money demand relationship is first estimated over a sample period covering the last three decades. While the parameters of the relationship are jointly stable, there are...

This paper investigates whether output and inflation respond asymmetrically to credit shocks in the euro area. The methodology, based on a non-linear VAR system, follows work by Balke (2000) for the US. The results reveal evidence of threshold effects related to credit conditions in the economy....

Dieser Aufsatz beleuchtet auf der Grundlage eines Überblicks über die Fachliteratur die Faktoren, die als Erklärung dafür gelten können, dass die Nachfrage nach Geldmengenaggregaten in weiter Abgrenzung im Euro-Raum im Allgemeinen stabiler ist als in anderen großen Volkswirtschaften wie...

We use a unique dataset of ratings for euro area corporate loans from commercial banks’ internal rating-based (IRBs) systems and central banks’ in-house credit assessment systems (ICASs) to investigate whether banks’ IRB ratings underestimate the credit risk of their corporate loan...