IDEAS home Printed from https://ideas.repec.org/p/bfr/econot/442.html

The pass-through of monetary policy to the short-term debt market
[La transmission de la politique monétaire au marché de la dette de court terme]

Author

Listed:
  • Alice Algot-Samé
  • Paul Hubert
  • Patrice Tauzin
  • Benoît Usciati

Abstract

The short-term debt market plays a key role in financing banks and businesses. We show that, over the period between January 2005 and November 2024, there was complete pass-through of monetary policy after one month for all categories of issuers. For companies, pass-through was relatively faster than for intermediated credit. Le marché de la dette de court terme joue un rôle clé en matière de financement des banques et des entreprises. Nous montrons que, sur la période janvier 2005 – novembre 2024, la transmission de la politique monétaire y a été totale au bout d’un mois pour toutes les catégories d’émetteurs. Pour les entreprises, la transmission y est relativement plus rapide que pour le crédit intermédié.

Suggested Citation

  • Alice Algot-Samé & Paul Hubert & Patrice Tauzin & Benoît Usciati, 2026. "The pass-through of monetary policy to the short-term debt market [La transmission de la politique monétaire au marché de la dette de court terme]," Eco Notepad 442, Banque de France.
    • Handle: RePEc:bfr:econot:442
    as

    Download full text from publisher

    File URL: https://www.banque-france.fr/en/publications-and-statistics/publications/pass-through-monetary-policy-short-term-debt-market
    Download Restriction: no
    File URL: https://www.banque-france.fr/fr/publications-et-statistiques/publications/la-transmission-de-la-politique-monetaire-au-marche-de-la-dette-de-court-terme
    Download Restriction: no
    ---><---

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:442. 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.