THE ECB AND THE INTERBANK MARKET

• 成果类型: Article
• 署名作者: Giannone, Domenico; Lenza, Michele; Pill, Huw; Reichlin, Lucrezia
• 署名单位: Universite Libre de Bruxelles; University of London; London Business School
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2012.02553.x
• 发表日期: 2012
• 页码: F467-F486
• 关键词: monetary-policy

摘要

We analyse the impact on the euro area economy of the ECBs 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 allow us to construct a measure of the policy shock represented by the ECBs increasing role as a financial intermediary. We find small but significant effects on both loans and real economic activity.