The ECB and the Interbank Market
32 Pages Posted: 4 Dec 2012
There are 2 versions of this paper
The ECB and the Interbank Market
The ECB and the Interbank Market
Date Written: November 20, 2012
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.
Keywords: non-standard monetary policy measures, interbank market
JEL Classification: E5, E58
Suggested Citation: Suggested Citation
Do you have negative results from your research you’d like to share?
Recommended Papers
-
A Preferred-Habitat Model of the Term Structure of Interest Rates
By Dimitri Vayanos and Jean-luc Vila
-
A Preferred-Habitat Model of the Term Structure of Interest Rates
By Dimitri Vayanos and Jean-luc Vila
-
A Preferred-Habitat Model of the Term Structure of Interest Rates
By Dimitri Vayanos and Jean-luc Vila
-
What Does Monetary Policy Do to Long-Term Interest Rates at the Zero Lower Bound?
-
Large-Scale Asset Purchases by the Federal Reserve: Did They Work?
By Joseph Gagnon, Matthew Raskin, ...