BIS paper finds transmission of low policy rates to lending rates has weakened
BIS study analysed policies and lending rates in Italy, Spain, UK and US
Recent monetary policy by central banks has managed to lower lending rates to non-financial firms "only to a smaller extent than in the past", according to a working paper by the Bank for International Settlements (BIS), published today.
In Has the transmission of policy rates to lending rates been impaired by the global financial crisis?, Leonardo Gambacorta, Anamaria Illes and Marco Lombardi analyse the linkage between policies and lending rates for non-financial firms in Italy, Spain, the UK
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