Policies of near-zero interest rates maintained by central banks of major advanced economies have lowered lending rates to non-financial firms only to a limited extent, according to an article featured in the latest BIS quarterly review, published yesterday.

Interest rate pass-through since the financial crisis by Anamaria Illes and Marco Lombardi, investigates whether the pass-through of monetary policy to rates on bank loans to non-financial firms has been impaired in the aftermath of the