IMF paper observes heterogeneous interest rate pass-through

IMF headquarters in Washington DC

An International Monetary Fund paper, published on Wednesday, finds that sustinable levels of growth and inflation facilitate the pass-through process of monetary policy, while market volatility and excess liquidity in the banking system impede it.

Nikoloz Gigineishvili, the paper's author, investigates the role of structural variables, both macroeconomic and financial market-related, in determining the strength of interest rate pass-through. Gigineishvili says interest rate pass-through has

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