Abstract

http://ssrn.com/abstract=2178378
 
 

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The ECB and the Interbank Market


Domenico Giannone


Université Libre de Bruxelles (ULB) - European Center for Advanced Research in Economics and Statistics (ECARES); Centre for Economic Policy Research (CEPR)

Michele Lenza


European Central Bank (ECB)

Huw Pill


Goldman Sachs, Australia

Lucrezia Reichlin


London Business School; Université Libre de Bruxelles (ULB) - European Center for Advanced Research in Economics and Statistics (ECARES); Centre for Economic Policy Research (CEPR); European Central Bank (ECB)

November 20, 2012

ECB Working Paper No. 1496

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.

Number of Pages in PDF File: 32

Keywords: non-standard monetary policy measures, interbank market

JEL Classification: E5, E58

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Date posted: December 4, 2012  

Suggested Citation

Giannone, Domenico and Lenza, Michele and Pill, Huw and Reichlin, Lucrezia, The ECB and the Interbank Market (November 20, 2012). ECB Working Paper No. 1496. Available at SSRN: http://ssrn.com/abstract=2178378

Contact Information

Domenico Giannone (Contact Author)
Université Libre de Bruxelles (ULB) - European Center for Advanced Research in Economics and Statistics (ECARES) ( email )
Ave. Franklin D Roosevelt, 50 - C.P. 114
Brussels, B-1050
Belgium
+32 2 650 3373 (Phone)
+32 2 650 4475 (Fax)
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
Michele Lenza
European Central Bank (ECB) ( email )
Kaiserstrasse 29
Frankfurt am Main, D-60311
Germany
Huw Pill
Goldman Sachs, Australia ( email )
1 Farrer Place
Sydney, NSW 2000
Australia
Lucrezia Reichlin
London Business School ( email )
Sussex Place
Regent's Park
London, London NW1 4SA
United Kingdom
Université Libre de Bruxelles (ULB) - European Center for Advanced Research in Economics and Statistics (ECARES) ( email )
Ave. Franklin D Roosevelt, 50 - C.P. 114
Brussels, B-1050
Belgium
+32 2 650 4221 (Phone)
+32 2 650 4475 (Fax)
Centre for Economic Policy Research (CEPR)
77 Bastwick Street
London, EC1V 3PZ
United Kingdom
European Central Bank (ECB) ( email )
Kaiserstrasse 29
Frankfurt am Main, D-60311
Germany
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Citations:  4
Footnotes:  28

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