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Money, credit, monetary policy and the business cycle in the euro area

Domenico Giannone (), Michele Lenza () and Lucrezia Reichlin ()

No 8944, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This paper uses a data-set including time series data on macroeconomic variables, loans, deposits and interest rates for the euro area in order to study the features of financial intermediation over the business cycle. We find that stylized facts for aggregate monetary and real variables are remarkably similar to what has been found for the US by many studies while we uncover new facts on disaggregated loans and deposits. During the crisis the cyclical behavior of short term interest rates, loans and deposits remain stable but we identify unusual dynamics of longer term loans, deposits and longer term interest rates.

Keywords: euro area; loans; monetary policy; Money; non-financial corporations (search for similar items in EconPapers)
JEL-codes: C32 C51 E32 E51 E52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ban, nep-eec, nep-mac and nep-mon
Date: 2012-04
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