Physical effects of the Immirzi parameter
  The Immirzi parameter is a constant appearing in the general relativity action used as a starting point for the loop quantization of gravity. The parameter is commonly believed not to show up in the equations of motion, because it appears in front of a term in the action that vanishes on shell. We show that in the presence of fermions, instead, the Immirzi term in the action does not vanish on shell, and the Immirzi parameter does appear in the equations of motion. It determines the coupling constant of a four-fermion interaction. Therefore the Immirzi parameter leads to effects that are observable in principle, even independently from nonperturbative quantum gravity. 
Alejandro Perez, Carlo Rovelli