Eisenschmidt, Jens; Ma, Yiming; Zhang, Anthony Lee - 2022
. As a result, the passthrough of the ECB's policy rate to the majority of non-dealer banks and non-banks is inefficient …We show that dealer market power impedes the pass-through of monetary policy in repo markets, which is an important … first stage of monetary policy transmission. In the European repo market, most participants do not have access to trade on …