Bundesbank paper studies changes in European monetary transmission


A discussion paper, published by the Deutsche Bundesbank on July 11, evaluates the impact of the financial crisis on the effectiveness of monetary transmission in Europe.

Authors Puriya Abbassi and Tobias Linzert analyse data on the three-month, six-month and 12-month Euribor rates over the period 2004–09 to assess changes in responsiveness to European Central Bank rate changes and non-standard "crisis measures". The paper finds that the responsiveness of Euribor to rate changes declined over

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