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Riccardo Faini CEIS Seminars


Money, Credit, Monetary Policy and the Business Cycle in the Euro Area
April, 27th 2012 (12:00-13:30)
Aula B - Primo piano

Michele Lenza (European Central Bank)

Riccardo Faini CEIS Seminars

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 re-markably 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.