Abstract:This article evaluates the transmission through intermediaries taking into consideration the dichotomy between peripheral and core banking systems with regards to the ECB’s standard and non- standard measures of monetary policy by the use of “shadow rate” as an indicator of the monetary policy stance. Bank sector is represented by lending surveys data (BLS) which contain robust quarterly information on changes in loan terms, conditions and standards for both firms and households. By using a Factor Augmented VA… Show more
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