| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8844 |
| DP8844 The ECB and the Interbank Market | |
| Lucrezia Reichlin; Huw Pill; Domenico Giannone; Michele Lenza | |
| 发表日期 | 2012-02-01 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | This paper analyses the impact on the macroeconomy of the ECB?s non-standard monetary policy implemented in the aftermath of the collapse of Lehman Brothers in the Fall of 2008. We study in particular the effect of the expansion of the intermediation of transactions across central bank balance sheets as dysfunctional financial markets seize up, which we regard as a key channel of transmission for non-standard monetary policy measures. Our approach is similar to Lenza et al., 2009 but we introduce the important innovation of distinguishing between private intermediation of interbank transactions in the money market and central bank intermediation of bank-to-bank transactions across the Eurosystem balance sheet. We do this by exploiting data drawn from the aggregate Monetary and Financial Institutions (MFI) balance sheet which allows us to construct a new measure of the ?policy shock? represented by the ECB?s increasing role as a financial intermediary. We find that bank loans to households and, in particular, to non-financial corporations are higher than would have been the case without the ECB?s intervention. In turn, the ECB?s support has a significant impact on economic activity: two and a half years after the failure of Lehman Brothers, the level of industrial production is estimated to be 2% higher, and the unemployment rate 0.6 percentage points lower, than would have been the case in the absence of the ECB?s non-standard monetary policy measures. |
| 主题 | International Macroeconomics |
| 关键词 | Interbank market Non-standard monetary policy measures |
| URL | https://cepr.org/publications/dp8844 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537680 |
| 推荐引用方式 GB/T 7714 | Lucrezia Reichlin,Huw Pill,Domenico Giannone,et al. DP8844 The ECB and the Interbank Market. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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