Convergence of pass-through from money market to lending rates in EMU countries: new evidence

Linda A. Toolsema, Jan-Egbert Sturm and Jakob de Haan
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Jakob de Haan: Groningen University

No 200206, CCSO Working Papers from University of Groningen, CCSO Centre for Economic Research

Abstract: This paper examines whether the pass-through of monetary policy measures in 6 EMU countries has become more similar over time. The countries included are: Belgium, France, Germany, Italy, the Netherlands and Spain, and the sample period is 1980-2000. We conclude that major differences in pass-through exist in our sample, notably for the initial response to policy-induced interest rate changes. However, there is some (weak) evidence for convergence of monetary policy transmission.

Date: 2002
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Citations: View citations in EconPapers (22)

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