Money, Credit, Monetary Policy and the Business Cycle in the Euro Area
AbstractThis paper uses a data-set including time series data on macroeconomic variables, loans, deposits and interest rates for the euro area in order to study the features of financial intermediation over the business cycle. We find that stylized facts for aggregate monetary and real variables are re- markably similar to what has been found for the US by many studies while we uncover new facts on disaggregated loans and deposits. During the crisis the cyclical behavior of short term interest rates, loans and deposits remain stable but we identify unusual dynamics of longer term loans, deposits and longer term interest rates.
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Bibliographic InfoPaper provided by ULB -- Universite Libre de Bruxelles in its series Working Papers ECARES with number ECARES 2012-008.
Length: 32 p.
Date of creation: Mar 2012
Date of revision:
Publication status: Published by:
Money; Loans; Non-financial corporations; Monetary policy; euro area;
Other versions of this item:
- Giannone, Domenico & Lenza, Michele & Reichlin, Lucrezia, 2012. "Money, credit, monetary policy and the business cycle in the euro area," CEPR Discussion Papers 8944, C.E.P.R. Discussion Papers.
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-03-21 (All new papers)
- NEP-BAN-2012-03-21 (Banking)
- NEP-EEC-2012-03-21 (European Economics)
- NEP-MAC-2012-03-21 (Macroeconomics)
- NEP-MON-2012-03-21 (Monetary Economics)
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Heriot-Watt University Economics Discussion Papers
1206, Department of Economics, School of Management and Languages, Heriot Watt University.
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- Gertrud Errit & Lenno Uusküla, 2013. "Euro Area monetary policy transmission in Estonia," Bank of Estonia Working Papers wp2013-7, Bank of Estonia, revised 09 Dec 2013.
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