SMEs possibly worst hit by fragmentation of monetary policy transmission, ECB paper finds
Small and medium enterprises may have suffered most from fragmentation
Small and medium-sized enterprises (SMEs) might have been "most adversely affected" by the fragmentation of the monetary policy transmission mechanism in the wake of the financial crisis, according to a working paper published by the European Central Bank (ECB)
In Jagged cliffs and stumbling blocks: interest rate pass-through fragmentation during euro area crisis, Sarah Holton and Constanza Rodriguez d'Acri use micro-level bank data across a range of eurozone countries to identify which
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