Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
We provide evidence that monetary policy in the Euro Area can unintentionally produce market fragmentation risk. This risk is estimated from changes in long-term bond yields around ECB monetary policy communications between 2002 and 2021. These shocks cause longer-term bond yields in periphery countries to rise significantly, which ultimately hurts their economies. The time series of these shocks are publicly available.