ECB Research Bulletin by Franco Fiordelisi, Giulia Fusi, Angela Maddaloni and David Marqués-Ibáñez

Read more: https://www.ecb.europa.eu/pub/economic-research/resbull/2022/html/ecb.rb221220~68ce0d201f.en.html

The Research Bulletin features a selection of recent work on policy-relevant topics by ECB economists. Published on a monthly basis, the articles in the Research Bulletin are intended for a general audience.

The views expressed in each article are those of the authors and do not necessarily represent the views of the European Central Bank and the Eurosystem.