Money, credit, monetary policy, and the business cycle in the euro area: what has changed since the crisis?

Domenico Giannone, Michele Lenza and Lucrezia Reichlin

No 885, Staff Reports from Federal Reserve Bank of New York

Abstract: This paper studies the relationship between the business cycle and financial intermediation in the euro area. We establish stylized facts and study their stability during the global financial crisis and the European sovereign debt crisis. Long-term interest rates have been exceptionally high and long-term loans and deposits exceptionally low since the Lehman collapse. Instead, short-term interest rates and short-term loans and deposits did not show abnormal dynamics in the course of the financial and sovereign debt crisis.

Keywords: money; loans; nonfinancial corporations; monetary policy; euro area (search for similar items in EconPapers)
JEL-codes: C32 C51 E32 E51 E52 (search for similar items in EconPapers)
Date: 2019-04-01
New Economics Papers: this item is included in nep-ban, nep-cba, nep-eec, nep-mac and nep-mon
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Citations: View citations in EconPapers (10)

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Journal Article: Money, Credit, Monetary Policy, and the Business Cycle in the Euro Area: What Has Changed Since the Crisis? (2019)
Working Paper: Money, credit, monetary policy and the business cycle in the euro area: what has changed since the crisis? (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fednsr:885

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