Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/331953 
Erscheinungsjahr: 
2025
Quellenangabe: 
[Journal:] German Economic Review (GER) [ISSN:] 1468-0475 [Volume:] 26 [Issue:] 2 [Year:] 2025 [Pages:] 131-192
Verlag: 
De Gruyter, Berlin
Zusammenfassung: 
We examine the transmission of monetary policy to bank interest rates in the euro area, using a rolling estimation. The results, using various fixations for the Euribor rate and different maturities for bond yields, suggest that the pass through of policy rates to bank interest rates was relatively stable prior to the use of unconventional monetary policy measures. After the use of unconventional policies, the pass-through multiplier from the Euribor rate and the short-term bonds increased, while the pass-through from longer-term bonds markedly decreased. It appears that unconventional monetary policy operations allow for bank lending rates to further decline, which could lead to higher lending, with potential financial stability issues arising. In addition to the excess liquidity created by asset purchases, factors such as credit risk and house price growth also appear to impact the pass through.
Schlagwörter: 
asset purchases
bank interest rates
deposit beta
Euro area
monetary policy
pass through
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
cc-by Logo
Dokumentart: 
Article

Datei(en):
Datei
Größe
11.94 MB





Publikationen in EconStor sind urheberrechtlich geschützt.