English, Article, Journal or magazine article edition: Interest Rate Pass-Through, Monetary Policy Rules and Macroeconomic Stability Claudia Kwapil; Johann Scharler

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Bookmark: http://trove.nla.gov.au/version/34425
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Interest Rate Pass-Through, Monetary Policy Rules and Macroeconomic Stability
Author
  • Claudia Kwapil
  • Johann Scharler
Physical Description
  • preprint
Notes
  • Interest Rate Pass-Through, Interest Rate Rules, Equilibrium Determinacy, Stability
  • RePEc:onb:oenbwp:118
  • In this paper we analyze equilibrium determinacy in a sticky price model in which the pass-through from policy rates to retail interest rates is sluggish and potentially incomplete. In addition, we empirically characterize and compare the interest rate pass-through process in the euro area and the U.S. We find that if the pass-through is incomplete in the long run, the standard Taylor principle is insufficient to guarantee equilibrium determinacy. Our empirical analysis indicates that this result might be particularly relevant for bank-based financial systems as for instance that in the euro area.
  • RePEc:mmf:mmfc06:65
Language
  • English
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