The Monetary Policy Transmission Mechanism under Financial Distress. An Overview
The aim of the present paper is to underline the international financial crisis implications on the monetary policy transmission mechanism at the European level. Our study illustrates the main features of the pass-through process in the light of recent financial tensions and the general impact of Eurosystem’s non-standard measures on the functioning of monetary transmission channels. Our results outline that pass-through process remained operational during the crisis and that unconventional measures ensured a proper functioning of transmission of monetary policy impulses to real economy. The extent to which this mechanism has been irreversibly damaged by the credit crunch is premature to determine and thus it would be misleading to draw definitive conclusions, especially when some non-standard measures are still in place and financial tensions persist.
Volume (Year): XI (2011)
Issue (Month): 1 (May)
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