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 … 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 …