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  • Is the ECB monetary tightening effective [Elektronski vir] : the role of bank funding and asset structure
    Volk, Matjaž
    This paper analyses the transmission of the ECB policy rate to bank deposit rates. From June to December 2022, the policy rate increased by 2.5pp, while deposit rates in euro area banks increased ... only by 0.2pp. The pass-through was not perfect even in the previous cycle between 2005 and 2008, but it was nevertheless much higher compared to the recent one. I show that the two main factors behind the sluggish re-sponse in deposit rates are the sizeable amounts of deposits and liquidity on banks’ books. These effects are undesirable and work against ECB’s efforts to restore price stability by tightening monetary policy.
    Vrsta gradiva - e-knjiga ; neleposlovje za odrasle
    Izdaja - Electronic ed.
    Založništvo in izdelava - Ljubljana : Banka Slovenije, 2023
    Jezik - angleški
    ISBN - 978-961-6960-74-8
    COBISS.SI-ID - 144751619