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Monetary Transmission

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by Ales Mr. Bulir & Jan Mr. Vlcek
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Monetary Transmission by Ales Mr. Bulir & Jan Mr. Vlcek

We use two alternative representations of the yield curve to test the functioning of the interest rate transmission mechanism along the yield curve based on government paper in a sample of emerging market and low-income countries. We find a robust link from shortterm policy and interbank rates to longer-term bond yields. Two policy implications emerge. First, the presence of well-developed secondary financial markets does not seem to affect transmission of short term rates along the yield curve. Second, the strength of the transmission mechanism seems to be affected by the choice of the monetary regime: countries with a credible inflation targeting regime seem to have "better behaved" yield curves than those with other monetary regimes.

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Ebook Details
Pages: 37
Size: 4.7 MB
Date published:   2015
ISBN: 9781513574882 (DRM-EPUB)
9781513548074 (DRM-PDF)

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This product is listed in the following categories:

Nonfiction > Business & Economics > Economics
Nonfiction > Business & Economics > International > Economics
Nonfiction > Business & Economics > Economics > Macroeconomics

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