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 aftermath of the collapse of Lehman Brothers in the Fall of 2008. We study in particular the effect of the expansion of the intermediation of transactions across central bank balance...