Unconventional policy has improved ‘pass-through’, says ECB
“Simple pass-through models” are ill-equipped for analysis, paper argues
The "pass-through" of eurozone monetary policy has been improved by the European Central Bank's use of unconventional measures, the bank says in a pre-released article from its economic bulletin.
The article, 'MFI lending rates: pass-through in the time of non-standard monetary policy', argues that the policy has also diminished differences in credit conditions between different eurozone states.
The eurozone sovereign debt crisis saw major rises in both lending rates and reference rates, and in
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