Pré-Publication, Document De Travail Année : 2025

Interest rate pass-through in the euro area: After two decades of crises, a return to normality?

Résumé

div>

This paper investigates the monetary policy transmission in the euro area countries over two decades of single currency. This period was marked by financial, sovereign debt and health crises, as well as by episodes of low and high inflation rates. To face these challenges, the European Central Bank used both conventional and unconventional monetary policy measures of an unprecedented scale. We study whether, and if so to what extent, these different events have affected the transmission of monetary policy to retail bank interest rates in several euro area countries. Our results confirm previous findings, namely that interest rate passthrough has been influenced by the various crises that occurred over the course of the euro area existence. After the pandemic, however, we observe a return to a near complete transmission of monetary policy impulses to lending rates, likely under the effect of a reduction in excess liquidity.

Fichier principal
Vignette du fichier
DT_LEMNA_02_2025.pdf (1.12 Mo) Télécharger le fichier
Origine Fichiers produits par l'(les) auteur(s)
Licence

Dates et versions

hal-05029134 , version 1 (10-04-2025)

Licence

Identifiants

  • HAL Id : hal-05029134 , version 1

Citer

Natalia Andries, Steve Billon, Nicolas Rautureau. Interest rate pass-through in the euro area: After two decades of crises, a return to normality?. 2025. ⟨hal-05029134⟩
254 Consultations
487 Téléchargements

Partager

  • More