Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/277763 
Year of Publication: 
2023
Series/Report no.: 
Bank of Finland Research Discussion Papers No. 13/2023
Publisher: 
Bank of Finland, Helsinki
Abstract: 
We evaluate the effects of targeted credit injections of the central bank in the euro area. The aggregate policy impacts of credit easing on financial markets, bank lending and key macroeconomic variables are measured with a novel identification approach based on high-frequency web search data. Our results suggest that the targeted longer-term refinancing operations of the European Central Bank between 2014 and 2021 eased credit conditions in financial markets and had economically and statistically significant positive effects on GDP growth, bank lending and firm investment.
Subjects: 
Monetary policy
High-frequency identification
TLTRO
Bank lending
JEL: 
C36
E42
E51
E52
E58
G31
ISBN: 
978-952-323-446-8
Document Type: 
Working Paper

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