文章基本信息

标题：The monetary policy transmission mechanism and the role of money market funds in the Eurozone
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作者：Nicholas Apergis ; Tasawar Hayat ; Tareq Saeed 等
期刊名称：Economics Bulletin
电子版ISSN：1545-2921
出版年度：2020
卷号：40
期号：2
页码：1249-1261
出版社：Economics Bulletin
摘要：This paper investigates the pass-through mechanism of monetary policy through money market funds and bank loanrates under conventional and unconventional monetary policy. Using the Autoregressive Distributed Lag method,spanning the period 2003-2018, the findings document that the pass-through of bank loan rates is weaker than that ofMMF rates (0.642 vs 1.044, respectively), especially during the unconventional monetary policy period (0.637 vs1.568, respectively). They highlight that in this period, banks earned less from traditional lending business, due to lowor even negative rates, while taking increasingly large risks.