Giannone, Domenico; Lenza, Michele; Pill, Huw; … - C.E.P.R. Discussion Papers - 2012
This paper analyses the impact on the macroeconomy of the ECB’s non-standard monetary policy implemented in the … new measure of the ‘policy shock’ represented by the ECB’s increasing role as a financial intermediary. We find that bank … ECB’s intervention. In turn, the ECB’s support has a significant impact on economic activity: two and a half years after …