Eurosystem crisis measures averted prolonged crisis: ECB paper
A European Central Bank (ECB) paper, published in January, said the Eurosystem's unconventional or non-standard monetary policy measures that were introduced during the onset of the recent financial crisis helped support monetary policy channels and prevent a reoccurrence of the Great Depression.
Domenico Giannone, Michele Lenza, Huw Pill and Lucrezia Reichlin, the paper's authors, use a Bayesian vector auto-regression model of the euro area to measure the effectiveness of the ECB's non-standard
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