Giannone, Domenico; Reichlin, Lucrezia; Lenza, Michèle; … - European Centre for Advanced Research in Economics and … - 2012
This paper analyses the impact on the macroeconomy of the ECB’s non-standard monetary policy implemented in the … key channel of transmission for non-standard monetary policy measures. Our approach is similar to Lenza et al. 2009 but we … 0.6 percentage points lower, than would have been the case in the absence of the ECB’s non-standard monetary policy …