We study the macroeconomic consequences of the money market tensions associated with the financial crisis of 2008-2009. Our structural model includes the banking model of Gertler and Kyiotaki (2011) in the Smets and Wouters (2003) framework. We highlight two main results. First, a financial shock calibrated to account for the observed increase in spreads on the interbank market can account for one third of the observed, large fall in aggregate investment after the financial crisis of 2008. Second, the liqudity injected on the market by the ECB played an important role in attenuating the macroeconomic impact of the shock. In their absence, aggregate investment would have fallen much more--by between 50 and 70 percent. These effects are somewhat larger than estimated in other available studies.
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机译：我们研究了与2008-2009年金融危机有关的货币市场紧张局势的宏观经济后果。我们的结构模型包括Smets and Wouters（2003）框架中的Gertler和Kyiotaki（2011）的银行模型。我们重点介绍了两个主要结果。首先，经过校准以解决银行间市场上观察到的点差增加的金融冲击，可以占观察到的，在2008年金融危机之后的总投资大幅下降的三分之一。第二，欧洲央行向市场注入的流动性在减轻冲击的宏观经济影响方面发挥了重要作用。如果没有他们，总投资将下降更多，下降50％至70％。这些影响比其他现有研究估计的要大。
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