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Discussion Paper Details

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Title: Money, credit, monetary policy and the business cycle in the euro area

Author(s): Domenico Giannone, Michele Lenza and Lucrezia Reichlin

Publication Date: April 2012

Keyword(s): euro area, loans, monetary policy, Money and non-financial corporations

Programme Area(s): International Macroeconomics

Abstract: This 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 remarkably 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 Reference

Giannone, D, Lenza, M and Reichlin, L. 2012. 'Money, credit, monetary policy and the business cycle in the euro area'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=8944