Non-Standard Monetary Policy Measures and Monetary Developments

By Domenico Giannone, M. Lenza, H. Pill, L. Reichlin. Social Science Research Network, 2010

118 citations recorded by the source corpus.

Standard accounts of the Great Depression attribute an important causal role to monetary policy errors in accounting for the catastrophic collapse in economic activity observed in the early 1930s. While views vary on the relative importance of money versus credit contraction in the propagation of this policy error to the wider economy and ultimately price developments, a broad consensus exists in the economics profession around the view that the collapse in financial intermediation was a crucial intermediary step. What lessons have monetary policy makers taken from this episode? And how have they informed the conduct of monetary policy by leading central banks in recent times? This paper sets out to address these questions, in the context of the financial crisis of 2008-09 and with application to the euro area.

Subfields: Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/4bfd4ef09ffabd66ce085e68c6a95dec30bac8e6

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Citations in the corpus

Quantitative Easing and Unconventional Monetary Policy – an Introduction (2012, background): “Other articles by Fahr et al. (2010), Giannone et al. (2011) and Peersman (2011) have also suggested that the ECB’s actions were effective in supporting the euro-area economy.”
Uncovering the heterogeneous effects of ECB unconventional monetary policies across euro area countries (2016, background): “Giannone et al. (2011) and Gambacorta et al. (2014) show that recent UMP measures have positive and significant effects on output of the eurozone.1 Boeckx et al. (2014) also show that most of the euro area countries benefit from UMP measures, and docu1Several papers have alternatively analyzed the…”
The ECB and the Interbank Market (2012, unknown): “In previous work on the euro area (Lenza et al., 2010; Giannone et al., 2011), we have argued that another channel of transmission for non-standard monetary policy measures may be equally, if not more, important.”
Evaluating Asset-Market Effects of Unconventional Monetary Policy: A Cross-Country Comparison (2014, background): “A separate but different research agenda is to measure the effects of unconventional monetary policy on macroeconomic outcomes (see, for example, Giannone et al. (2011) and Lenza et al.”