The ECB and the interbank market

Domenico Giannone, Lucrezia Reichlin and Michele Lenza
Authors registered in the RePEc Author Service: Huw Pill

No 1496, Working Paper Series from European Central Bank

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. JEL Classification: E5, E58

Keywords: interbank market; non-standard monetary policy measures (search for similar items in EconPapers)
Date: 2012-11
New Economics Papers: this item is included in nep-ban, nep-cba, nep-eec and nep-mon
Note: 93468
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (96)

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Related works:
Journal Article: The ECB and the Interbank Market (2012)
Working Paper: The ECB and the Interbank Market (2012)
Working Paper: The ECB and the Interbank Market (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20121496

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