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• W2015094524 abstract "In this paper we analyze equilibrium determinacy in a sticky price model in which the pass-through from policy rates to retail interest rates is sluggish and potentially incomplete. In addition, we empirically characterize and compare the interest rate pass-through process in the euro area and the U.S. We find that if the pass-through is incomplete in the long run, the standard Taylor principle is insufficient to guarantee equilibrium determinacy. Our empirical analysis indicates that this result might be particularly relevant for bank-based financial systems as for instance that in the euro area." @default.
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• W2015094524 date "2010-03-01" @default.
• W2015094524 modified "2023-09-24" @default.
• W2015094524 title "Interest rate pass-through, monetary policy rules and macroeconomic stability" @default.
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• W2015094524 doi "https://doi.org/10.1016/j.jimonfin.2009.06.010" @default.
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