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Employing a quarterly dataset over the period 1970:Q1 to 2008:Q4 containing 108 US macroeconomic and financial time series, I find that a monetary policy shock during periods of high financial stress has stronger and more persistent effects on macroeconomic variables such as output, consumption and investment than it has during \u2018normal\u2019 times. Differences in effects among the regimes seem to originate from nonlinearities in both components of the credit channel, i.e.\u00a0the balance sheet channel and the bank\u2010lending channel. Copyright \u00a9 2016 John Wiley &amp; Sons, Ltd.<\/jats:p>","DOI":"10.1002\/jae.2524","type":"journal-article","created":{"date-parts":[[2016,5,24]],"date-time":"2016-05-24T21:04:04Z","timestamp":1464123844000},"page":"401-421","source":"Crossref","is-referenced-by-count":33,"title":["Conventional Monetary Policy Transmission During Financial Crises: An Empirical Analysis"],"prefix":"10.1002","volume":"32","author":[{"given":"Tatjana","family":"Dahlhaus","sequence":"first","affiliation":[{"name":"International Economic Analysis Department Bank of Canada Ottawa Ontario Canada"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2016,5,23]]},"reference":[{"key":"e_1_2_7_2_1","doi-asserted-by":"crossref","unstructured":"AkinciO Queralt\u00f3A.2014.Banks capital flows and financial crises. 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