{
  "title": "Monetary Policy Pass-Through to Interest Rates: Stylized Facts from 30 European Countries",
  "publication": "IMF Working Papers, January 12, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2024/01/12/monetary-policy-pass-through-to-interest-rates-stylized-facts-from-30-european-countries-543715",
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  "summary": "The extent to which changes in monetary policy rates lead to changes in loan and deposit rates for households and firms, referred to as ‘pass-through’, is an important ingredient of monetary policy transmission to output and prices.",
  "sections": [
    {
      "heading": "Study scope and data",
      "content": "- Authors: Robert C. M. Beyer, Ruo Chen, Florian Misch, Claire Li, Ezgi O. Ozturk, Lev Ratnovski\n- Publication date: January 12, 2024\n- Sample: seven different bank interest rates in 30 European countries; analysis for the full sample and a subsample of euro area countries\n- Pages: 34\n- Volume: 2024\n- Issue: 009\n- Series: Working Paper No. 2024/009\n- DOI: https://doi.org/10.5089/9798400263613.001\n- Stock No: WPIEA2024009\n- ISBN: 9798400263613\n- ISSN: 1018-5941"
    },
    {
      "heading": "Key stylized findings",
      "content": "- General framing:\n  - The paper studies the extent to which changes in monetary policy rates lead to changes in loan and deposit rates for households and firms, i.e., “pass-through”, as an ingredient of monetary policy transmission to output and prices.\n- Empirical findings:\n  - The pass-through in the post-pandemic hiking cycle has been heterogeneous across countries and types of interest rates.\n  - The pass-through has generally been weaker and slower, except for rates of non-financial corporation loans and time deposits in euro area countries.\n  - Differences in pass-through over time and across countries for most deposit rates are correlated with financial sector concentration, liquidity, and loan opportunities.\n  - The effects of pass-through to outstanding mortgage rates on monetary transmission to prices and output are heterogeneous across countries."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Central bank policy rate, Deposit rates, Economic sectors, Financial institutions, Financial sector, Financial services, Loans, Mortgages\n- Keywords: Central bank policy rate, Deposit rates, Europe, Financial sector, Loans, Monetary Policy Pass-Through, Monetary Policy Transmission, Mortgages, NFC loan rate, pass-through to rate, transmission to output"
    },
    {
      "heading": "Publication and access notes",
      "content": "- Publication type: IMF Working Papers\n- The working paper is presented on the IMF web landing page with formats and eLibrary access options described on the page.\n\nIMF Working Paper — Monetary Policy Pass-Through to Interest Rates: Stylized Facts from 30 European Countries (Working Paper No. 2024/009, January 12, 2024).\n\n---\n\n Content in this bundle\n\n- Working Paper\n  - Working Paper (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Working Paper (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2024/01/12/monetary-policy-pass-through-to-interest-rates-stylized-facts-from-30-european-countries-543715"
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    "Authors: Robert C. M. Beyer, Ruo Chen, Florian Misch, Claire Li, Ezgi O. Ozturk, Lev Ratnovski",
    "Published: January 12, 2024",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9798400263613.001",
    "Authors: Robert C. M. Beyer, Ruo Chen, Florian Misch, Claire Li, Ezgi O. Ozturk, Lev Ratnovski",
    "Publication date: January 12, 2024",
    "Sample: seven different bank interest rates in 30 European countries; analysis for the full sample and a subsample of euro area countries",
    "Pages: 34",
    "Volume: 2024",
    "Issue: 009",
    "Series: Working Paper No. 2024/009",
    "DOI: https://doi.org/10.5089/9798400263613.001",
    "Stock No: WPIEA2024009",
    "ISBN: 9798400263613",
    "ISSN: 1018-5941",
    "General framing:",
    "Empirical findings:",
    "Subject: Central bank policy rate, Deposit rates, Economic sectors, Financial institutions, Financial sector, Financial services, Loans, Mortgages",
    "Keywords: Central bank policy rate, Deposit rates, Europe, Financial sector, Loans, Monetary Policy Pass-Through, Monetary Policy Transmission, Mortgages, NFC loan rate, pass-through to rate, transmission to output",
    "Publication type: IMF Working Papers",
    "The working paper is presented on the IMF web landing page with formats and eLibrary access options described on the page.",
    "**Working Paper**"
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