IDEAS home Printed from https://ideas.repec.org/a/bfr/econot/292.html
   My bibliography  Save this article

How well have ECB rate hikes been transmitted to the money market?
[La transmission des hausses de taux de la BCE au marché monétaire]

Author

Listed:
  • Benoît Nguyen
  • Miklos Vari

Abstract

Since July, the ECB increased its key interest rates by 200 basis points in total (once by 50bps and twice by 75 bps). These are the largest single rate hikes of the ECB key interest rates. In this post, we examine to what extent these changes of policy rates passed through to the money market, the first step of monetary policy transmission. Transmission has been nearly complete in the unsecured market (e.g. on €STR) but subdued in the secured market (i.e. on repo transactions). Depuis le mois de juillet 2022, la BCE a relevé ses taux directeurs de 200 points de base au total, successivement 50 pb puis deux fois 75 pb, soit les hausses les plus fortes depuis sa création. Dans quelle mesure se sont-elles transmises au marché monétaire, première étape de la transmission de la politique monétaire ? Sur le marché non sécurisé (€STR), la transmission a été presque parfaite, mais sur le marché sécurisé (repo), elle est restée incomplète.

Suggested Citation

  • Benoît Nguyen & Miklos Vari, . "How well have ECB rate hikes been transmitted to the money market? [La transmission des hausses de taux de la BCE au marché monétaire]," Eco Notepad (in progress), Banque de France.
    • Handle: RePEc:bfr:econot:292
    as

    Download full text from publisher

    File URL: https://www.banque-france.fr/en/publications-and-statistics/publications/how-well-have-ecb-rate-hikes-been-transmitted-money-market
    Download Restriction: no
    File URL: https://www.banque-france.fr/fr/publications-et-statistiques/publications/la-transmission-des-hausses-de-taux-de-la-bce-au-marche-monetaire
    Download Restriction: no
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bfr:econot:292. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Michael brassart (email available below). General contact details of provider: https://edirc.repec.org/data/bdfgvfr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.