Coricelli, Fabrizio; Égert, Balázs; MacDonald, Ronald - 2006
,transition,CentralandEasternEurope,credit
channel, interest rate channel, interest-rate pass-through, exchange rate channel, ex-
change rate pass-through, asset price …: Interest Rate Pass-Through
2.1.1 Theoretical Aspects
Crucial tothe effectivenessof any monetarypolicy actionis rst, howchanges … constant markup (De
Bondt, 2002):
iB = + iM (1)
The pass-through parameter is equal to 1 under perfect competition and …