Research published on November 10 by the Bank for International Settlements attempts to capture the non-linearities in divergent interest rate pass-through during the eurozone's various crises.

In the working paper Modelling the time-variation in euro area lending spreads, by Boris Blagov, Michael Funke and Richhild Moessner attempt to tackle the endogeneity that confounded many models before the 2008 financial crisis. "Initial shocks to economic fundamentals may have been exacerbated by