IMF-货币政策对利率的传导：来自30个欧洲国家的风格化事实（英）-2024.1.docx

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IMF-货币政策对利率的传导：来自30个欧洲国家的风格化事实（英）-2024.1.docx

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MonetaryPolicyPass-ThroughtoInterestRates:StylizedFactsfrom30EuropeanCountries

RobertBeyer,RuoChen,ClaireLi,FlorianMisch,EzgiO.Ozturk,andLevRatnovski

WP/24/9

IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtoencouragedebate.

TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.

2024

JAN

?2024InternationalMonetaryFund WP/24/9

IMFWorkingPaper

EuropeanDepartment

MonetaryPolicyPass-ThroughtoInterestRates:StylizedFactsfrom30EuropeanCountriesPreparedbyRobertBeyer,RuoChen,ClaireLi,FlorianMisch*,EzgiO.Ozturk,andLevRatnovski**

AuthorizedfordistributionbyHelgeBergerJanuary2024

IMFWorkingPapers

IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepublishedtoelicitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(s)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.

ABSTRACT:Theextenttowhichchangesinmonetarypolicyratesleadtochangesinloananddepositratesforhouseholdsandfirms,referredtoas‘pass-through’,isanimportantingredientofmonetarypolicytransmissiontooutputandprices.Usingdataonsevendifferentbankinterestratesin30Europeancountries,differentapproaches,andthefullsampleaswellasasubsampleofeuroareacountries,weshowthata)thepass-throughinthepost-pandemichikingcyclehasbeenheterogenousacrosscountriesandtypesofinterestrates;b)thepass-throughhasgenerallybeenweakerandslower,exceptforratesofnon-financialcorporationloansandtimedepositsineuroareacountries;c)differencesinpass-throughovertimeandacrosscountriesformostdepositratesarecorrelatedwithfinancialsectorconcentration,liquidity,andloanopportuniti