Interest Rate Pass-through During the Global Financial Crisis: The Case of Sweden
A stable relationship between monetary policy rates and bank lending and deposit rates faced by consumers and companies is essential for the effective transmission of monetary policy decisions. This paper studies how changes in the policy rate set by the Swedish central bank, the Riksbank, have been...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Paris
OECD Publishing
2011
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| Schriftenreihe: | OECD Economics Department Working Papers
no.855 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | A stable relationship between monetary policy rates and bank lending and deposit rates faced by consumers and companies is essential for the effective transmission of monetary policy decisions. This paper studies how changes in the policy rate set by the Swedish central bank, the Riksbank, have been transmitted to money market rates and, in turn, to retail rates before and during the financial turmoil that erupted in summer 2007. Historically, the Riksbank has been successful in effectively controlling money market rates, but during the financial turmoil the transmission of impulses from the policy rate to money market rates appears to have been weakened by elevated and volatile risk premia, although these increased less in Sweden than in the euro area, United Kingdom and United States. The pass-through from money market rates to retail rates is found to have been complete, but sluggish, before the turmoil. Pass-through was also faster into short-term loan rates for non-financial companies than for households. During the turmoil the pass-through from money market to lending rates has been preserved at short maturities, but not at longer maturities. Lack of access to long-term funding has likely played a role. |
| Beschreibung: | 1 Online-Ressource (39 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5kgdx1j025ln-en |
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| spelling | Harbo Hansen, Niels-Jakob VerfasserIn aut Interest Rate Pass-through During the Global Financial Crisis The Case of Sweden Niels-Jakob, Harbo Hansen and Peter, Welz = Le canal de transmission des taux d'intérêt pendant la crise financière mondiale : le cas de la Suède / Niels-Jakob, Harbo Hansen et Peter, Welz Le canal de transmission des taux d'intérêt pendant la crise financière mondiale Paris OECD Publishing 2011 1 Online-Ressource (39 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.855 A stable relationship between monetary policy rates and bank lending and deposit rates faced by consumers and companies is essential for the effective transmission of monetary policy decisions. This paper studies how changes in the policy rate set by the Swedish central bank, the Riksbank, have been transmitted to money market rates and, in turn, to retail rates before and during the financial turmoil that erupted in summer 2007. Historically, the Riksbank has been successful in effectively controlling money market rates, but during the financial turmoil the transmission of impulses from the policy rate to money market rates appears to have been weakened by elevated and volatile risk premia, although these increased less in Sweden than in the euro area, United Kingdom and United States. The pass-through from money market rates to retail rates is found to have been complete, but sluggish, before the turmoil. Pass-through was also faster into short-term loan rates for non-financial companies than for households. During the turmoil the pass-through from money market to lending rates has been preserved at short maturities, but not at longer maturities. Lack of access to long-term funding has likely played a role. Economics Sweden Welz, Peter MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5kgdx1j025ln-en Volltext |
| spellingShingle | Harbo Hansen, Niels-Jakob Interest Rate Pass-through During the Global Financial Crisis The Case of Sweden Economics Sweden |
| title | Interest Rate Pass-through During the Global Financial Crisis The Case of Sweden |
| title_alt | Le canal de transmission des taux d'intérêt pendant la crise financière mondiale |
| title_auth | Interest Rate Pass-through During the Global Financial Crisis The Case of Sweden |
| title_exact_search | Interest Rate Pass-through During the Global Financial Crisis The Case of Sweden |
| title_full | Interest Rate Pass-through During the Global Financial Crisis The Case of Sweden Niels-Jakob, Harbo Hansen and Peter, Welz = Le canal de transmission des taux d'intérêt pendant la crise financière mondiale : le cas de la Suède / Niels-Jakob, Harbo Hansen et Peter, Welz |
| title_fullStr | Interest Rate Pass-through During the Global Financial Crisis The Case of Sweden Niels-Jakob, Harbo Hansen and Peter, Welz = Le canal de transmission des taux d'intérêt pendant la crise financière mondiale : le cas de la Suède / Niels-Jakob, Harbo Hansen et Peter, Welz |
| title_full_unstemmed | Interest Rate Pass-through During the Global Financial Crisis The Case of Sweden Niels-Jakob, Harbo Hansen and Peter, Welz = Le canal de transmission des taux d'intérêt pendant la crise financière mondiale : le cas de la Suède / Niels-Jakob, Harbo Hansen et Peter, Welz |
| title_short | Interest Rate Pass-through During the Global Financial Crisis |
| title_sort | interest rate pass through during the global financial crisis the case of sweden |
| title_sub | The Case of Sweden |
| topic | Economics Sweden |
| topic_facet | Economics Sweden |
| url | https://doi.org/10.1787/5kgdx1j025ln-en |
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