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 2226, Working Paper Series from European Central Bank

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. JEL Classification: E32, E51, E52, C32, C51

Keywords: euro area; loans; monetary policy; money; non-financial corporations (search for similar items in EconPapers)
Date: 2019-01
New Economics Papers: this item is included in nep-ban, nep-cba, nep-eec, nep-fdg, nep-mac, nep-mon and nep-opm
Note: 411196
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Citations: View citations in EconPapers (21)

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Related works:
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:ecb:ecbwps:20192226

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