Assessing the Macroeconomic Effects of LTROs during the Great Recession
用DSGE模型分析欧洲央行在2008-2009年危机期间实施的长期再融资操作，发现这些流动性注入避免了严重的信贷紧缩，否则2009年产出、消费、投资和GDP平减指数将分别平均下降2.5%、0.5%、9.7%和0.5%。
Abstract In response to the 2008–2009 crisis, faced with distressed financial intermediaries, the European Central Bank (ECB) embarked in longer term refinancing operations (LTROs) with full allotment. Using an estimated DSGE model with a frictional banking sector, we find that such liquidity injections have played a key role in averting a major credit crunch. A counterfactual analysis suggests that, absent these nonconventional measures, output, consumption, investment, and the GDP deflator would have been 2.5%, 0.5%, 9.7%, and 0.5% lower on average over 2009, respectively.