Tests of the McKinnon-Shaw hypothesis typically investigate the relationship between real interest rates and growth. Recent work has concluded that this relationship may be non-monotonic. This article investigates the role of real interest rate mismeasurement in explaining these...

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...