Recent Working Papers

Money, credit, monetary policy and the business cycle in the euro area: what has changed since the crisis?
Reichlin, L., Giannone, D., Lenza, M.
Date Published: 18/06/2014

This paper provides VAR based evidence of the response of a large set of euro area macroeco- nomic and financial variables to cyclical and monetary policy shocks. It then uses the model to analyze the stability of financial intermediation after the 2008 crisis. Our key finding is that the cyclical dynamics of short-term interest rates, deposits and loans is not significantly different from that identified in the pre-crisis sample while long-term interest rates have been exceptionally high and long-term loans and deposits exceptionally low.

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