Arbeitspapier
Financial structure and the interest rate channel of ECB monetary policy
This paper analyses persistence differences in financial structure across countries of the euro area and whether they can lead to asymmetries in the transmission of the ECB policy. First, the paper examines the pass-through of money market rates to various bank retail rates and measures how this has evolved over the past two interest rate cycles. An analysis of panel data suggests that current 'country asymmetries' in the response of bank rates to monetary policy should decrease over time by virtue of the implementation of the single monetary policy, money market integration and the growth of debt securities markets and competition among banks. Second, analysis of the balance sheet structure of households and firms shows that the income effects of monetary policy are fairly homogenous in the four largest countries of the euro area, while wealth effects could be stronger in Italy.
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 40
- Klassifikation
-
Wirtschaft
Interest Rates: Determination, Term Structure, and Effects
Monetary Policy
Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- Thema
-
financial structure and the interest rate
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Mojon, Benoît
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2000
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Mojon, Benoît
- European Central Bank (ECB)
Entstanden
- 2000
Ähnliche Objekte (12)
ECB monetary policy surprises: Identification through cojumps in interest rates
ECB monetary policy surprises: identification through cojumps in interest rates
ECB monetary policy surprises: identification through cojumps in interest rates
The cost channel effect of monetary transmission: How effective is the ECB's low interest rate policy for increasing inflation?
The cost channel effect of monetary transmission : How effective is the ECB's low interest rate policy for increasing inflation?
Lost in translation? ECB's monetary impulses and financial intermediaries' responses
Lost in translation? ECB's monetary impulses and financial intermediaries' responses
Financial Markets and ECB Monetary Policy Communication – A Second QE Surprise
Financial markets and ECB monetary policy communication - A second QE surprise
Explaining ECB and FED interest rate correlation: Economic interdependence and optimal monetary policy
Explaining ECB and Fed interest rate correlation: Economic interdependence and optimal monetary policy
The ECB's monetary analysis revisited
ECB monetary policy surprises: Identification through cojumps in interest rates
ECB monetary policy surprises: identification through cojumps in interest rates
ECB monetary policy surprises: identification through cojumps in interest rates
The cost channel effect of monetary transmission: How effective is the ECB's low interest rate policy for increasing inflation?
The cost channel effect of monetary transmission : How effective is the ECB's low interest rate policy for increasing inflation?
Lost in translation? ECB's monetary impulses and financial intermediaries' responses
Lost in translation? ECB's monetary impulses and financial intermediaries' responses
Financial Markets and ECB Monetary Policy Communication – A Second QE Surprise
Financial markets and ECB monetary policy communication - A second QE surprise
Explaining ECB and FED interest rate correlation: Economic interdependence and optimal monetary policy
Explaining ECB and Fed interest rate correlation: Economic interdependence and optimal monetary policy
The ECB's monetary analysis revisited
ECB monetary policy surprises: Identification through cojumps in interest rates
ECB monetary policy surprises: identification through cojumps in interest rates
ECB monetary policy surprises: identification through cojumps in interest rates
The cost channel effect of monetary transmission: How effective is the ECB's low interest rate policy for increasing inflation?
The cost channel effect of monetary transmission : How effective is the ECB's low interest rate policy for increasing inflation?
Lost in translation? ECB's monetary impulses and financial intermediaries' responses
Lost in translation? ECB's monetary impulses and financial intermediaries' responses
Financial Markets and ECB Monetary Policy Communication – A Second QE Surprise
Financial markets and ECB monetary policy communication - A second QE surprise
Explaining ECB and FED interest rate correlation: Economic interdependence and optimal monetary policy
Explaining ECB and Fed interest rate correlation: Economic interdependence and optimal monetary policy