I also thank Peter Bednarek, Christoph Roling, Atilim Seymen, Roman Goldbach,  Friso van der Meyden, Kamil Pliszka, Aaron Janowski, Michael Scholz and Christian Bothe for their contributions to the speech. All remaining errors and inconsistencies are my own. 2. See, e.g., Jimènez, Ongena, Peydró and Saurina (2012) and Jimènez, Ongena, Peydró and Saurina (2014). 3. See Grimm, Jordà, Schularick and Taylor (2023). 4.
See, e.g., Acemoglu and Johnson (2007), Backus, Cooley and Henriksen (2014), Aksoy, Basso, Smith and Grasl (2019), Gordon (2016), Bernanke and Kuttner (2005). 5. See Akcigit and Ates (2023), Deutsche Bundesbank (2022a) and OECD (Organisation für wirtschaftliche Zusammenarbeit und Entwicklung) (2021). 6. See, e.g., Jafarov and Minnella (2023). 7. More recent data are not available.