1 For example, empirical results for the US show that monetary policy shocks affect output and investment more  strongly in times of low financial market volatility than during spells of heightened volatility (Eickmeier, Metiu, and Prieto 2016). Similar results were found for the euro area (Pellegrino 2017).
2 These numbers are based on data from the Federal Statistical Office of Germany available at  www.destatis.de/EN/FactsFigures/Indicators/LongTermSeries/Insolvencies/lrins01.html.