欧洲央行：压力时期货币政策对银行和非银行的影响（英文版）

This paper investigates the effects of monetary policy on banks and nonbank financial institutions (NBFIs), with particular attention to the role of financial stress. We use high-frequency identified monetary policy shocks and state-dependent local projections to capture non-linear responses across financial sectors. Drawing on aggregated balance sheet data, including total assets, debt securities, and loans, we find that monetary tightening leads to broad-based contractions in total assets a