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Détermination du pass-through du taux monétaire sur le taux des crédits : le comportement de la banque centrale importe-t-il ?

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  • Vincent Bouvatier

Abstract

This paper investigates the pass-through from the money market rate to the bank lending rate. More precisely, the paper analyzes whether the central bank behavior, represented by a Taylor rule, matters in the determination of the pass-through. The paper relies on a partial equilibrium model, calibrated for the euro area. The results show that gradualism in monetary policy, and more generally factors that smooth the money market rate, positively affect the degree of pass-through. In addition, gradualism in monetary policy contributes relatively more to the determination of the pass-through when stickiness of lending rate is higher.

Suggested Citation

  • Vincent Bouvatier, 2018. "Détermination du pass-through du taux monétaire sur le taux des crédits : le comportement de la banque centrale importe-t-il ?," Revue économique, Presses de Sciences-Po, vol. 69(4), pages 615-634.
    • Handle: RePEc:cai:recosp:reco_pr2_0123
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