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Money, Credit, Monetary Policy and the Business Cycle in the Euro Area

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

No ECARES 2012-008, Working Papers ECARES from ULB -- Universite Libre de Bruxelles

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 re- markably 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: Money; Loans; Non-financial corporations; Monetary policy; euro area (search for similar items in EconPapers)
JEL-codes: E32 E51 E52 C32 C51 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ban, nep-eec, nep-mac and nep-mon
Date: 2012-03
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