Monetary policy transmission may have grown weaker – Dallas Fed

Research finds countries with slow and fast pass-through rates experience similar demand effects


The transmission of monetary policy through to the real economy may have grown weaker, according to new research from the Federal Reserve Bank of Dallas.

During the pandemic, many Americans locked in ultra-low rates on their mortgages. Since then, many economists have argued that rising interest rates may take longer to have an impact on the economy.

However, the research looked at countries in which monetary policy passed through to mortgages more quickly. It found that these countries have not

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