Arbeitspapier
Assessing targeted longer-term refinancing operations: Identification through search intensity
We evaluate the effects of targeted credit injections of the central bank in the euro area. The aggregate policy impacts of credit easing on financial markets, bank lending and key macroeconomic variables are measured with a novel identification approach based on high-frequency web search data. Our results suggest that the targeted longer-term refinancing operations of the European Central Bank between 2014 and 2021 eased credit conditions in financial markets and had economically and statistically significant positive effects on GDP growth, bank lending and firm investment.
- ISBN
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978-952-323-446-8
- Language
-
Englisch
- Bibliographic citation
-
Series: Bank of Finland Research Discussion Papers ; No. 13/2023
- Classification
-
Wirtschaft
Multiple or Simultaneous Equation Models: Instrumental Variables (IV) Estimation
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Money Supply; Credit; Money Multipliers
Monetary Policy
Central Banks and Their Policies
Capital Budgeting; Fixed Investment and Inventory Studies; Capacity
- Subject
-
Monetary policy
High-frequency identification
TLTRO
Bank lending
- Event
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Geistige Schöpfung
- (who)
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Laine, Olli-Matti
Nelimarkka, Jaakko
- Event
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Veröffentlichung
- (who)
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Bank of Finland
- (where)
-
Helsinki
- (when)
-
2023
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Laine, Olli-Matti
- Nelimarkka, Jaakko
- Bank of Finland
Time of origin
- 2023
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