Czech researchers examine factors behind monetary transmission lags


A working paper, published by the Czech National Bank (CNB) on February 6, finds financial development increases the lag between interest rate changes and the point at which they reach "maximum effect" on the economy.

CNB economists Tomáš Havránek and Marek Rusnák conduct a 'meta-analysis' of 67 studies of monetary transmission spanning 30 countries. They find that while the average lag is 29 months, for developed countries this ranges from 25–50 months, in contrast to just 10–20 in new EU

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