Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/153929
Authors: 
Giannone, Domenico
Lenza, Michele
Reichlin, Lucrezia
Year of Publication: 
2012
Series/Report no.: 
ECB Working Paper 1496
Abstract: 
We analyse the impact on the euro area economy of the ECB’s non-standard monetary policy measures by studying the effect of the expansion of intermediation of interbank transactions across the central bank balance sheet. We exploit data drawn from the aggregated Monetary and Financial Institutions (MFI) balance sheet, which allows us to construct a measure of the ‘policy shock’ represented by the ECB’s increasing role as a financial intermediary. We find small but significant effects both on loans and real economic activity.
Subjects: 
Interbank Market
Non-standard monetary policy measures
JEL: 
E5
E58
Document Type: 
Working Paper

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