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The pass-through of past monetary policy tightening to financing conditions
[Les effets du resserrement monétaire sur les conditions de financement]

Author

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  • Cristina Jude
  • Grégory Levieuge

Abstract

Both the US Fed and the ECB have hiked their key interest rates in 2022-2023 at an unprecedented pace. The estimated pass-through of this tightening to financial conditions is similar in the euro area and the US, and comparable to previous cycles: almost 95% of the total response of financing conditions occurs within 12 months. However, the ultimate transmission from financing conditions to inflation comes about with longer and more variable lags. La Fed et la BCE ont relevé leurs taux d’intérêt directeurs en 2022-2023, à un rythme sans précédent. La transmission du resserrement monétaire aux conditions de financement a été similaire dans la zone euro et aux États-Unis, et comparable aux cycles précédents : près de 95 % de la transmission serait accomplie dans les 12 mois suivants la hausse des taux. Néanmoins, la transmission des conditions de financement à l’inflation s’opère moyennant des délais plus longs et plus variables.

Suggested Citation

  • Cristina Jude & Grégory Levieuge, . "The pass-through of past monetary policy tightening to financing conditions [Les effets du resserrement monétaire sur les conditions de financement]," Eco Notepad (in progress), Banque de France.
    • Handle: RePEc:bfr:econot:354
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