文章基本信息

标题：ECB Unconventional Monetary Policy and the Italian Economy during the Sovereign Debt Crisis
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作者：Marco Casiraghi ; Eugenio Gaiotti ; Lisa Rodano 等
期刊名称：International Journal of Central Banking
印刷版ISSN：1815-4654
出版年度：2016
出版社：IJCB Publications Fulfillment
摘要：We assess the impact of the main unconventional monetary measures adopted by the European Central Bank in 2011–12 (the Securities Markets Programme, the three-year longer-term refinancing operations, and the Outright Monetary Transactions) on the Italian economy. We first estimate the indirect effects on financial and credit markets and then we map them onto their macroeconomic implications. The results suggest that all operations have, to varying degrees, contributed to counteract the increase in government bond yields and to improve credit supply and money-market conditions. From a macroeconomic perspective, the measures have had a large positive effect, mainly through the credit channel, with a cumulative impact on GDP growth of 2.7 percentage points over the period 2012–13