The ECB and the Interbank Market
研究了欧洲央行非常规货币政策通过扩大银行间交易中介作用对欧元区经济的影响，发现对贷款和实际经济活动有微小但显著的效果。
We analyse the impact on the euro area economy of the ECB's non-standard monetary policy measures by studying the effect of the expansion of intermediation of interbank transactions across the central bank balance sheet. We exploit data drawn from the aggregated Monetary and Financial Institutions (MFI) balance sheet, which allow us to construct a measure of the 'policy shock' represented by the ECB's increasing role as a financial intermediary. We find small but significant effects on both loans and real economic activity. © 2012 Royal Economic Society.