ECB's emergency liquidity measures eased credit crunch, says CEPR
A Centre for Economic Policy Research paper published in November shows that non-standard monetary policy measures introduced by the European Central Bank (ECB) in late 2008 supported financial intermediation.
In response to the collapse of Lehman in the autumn of 2008, the ECB began providing additional liquidity for wholesale bank funding activity.
Domenico Giannone, Michele Lenza, Huw Pill and Lucrezia Reichlin, the paper's authors, investigate the impact of these measures on monetary policy
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