This paper investigates the relationship between corporate bond market and real economic activity. A linear model is estimated by using the Generalized Method of Moments (GMM) indicating that the yield spread of corporate bonds (AA-) relative to government bonds - a proxy of liquidity and...

We examine in this paper the importance of banks' behavior in the transmission of the monetary policy to the real economy. Monthly data from eight economies in transition that recently became members of the European Union and the techniques of cointegration and Error Correction models are used,...

This article investigates the effectiveness of monetary policy during a credit crunch by estimating a vector autoregression on the US economy. We present evidence that interest rate cuts have a diminished impact on growth, due to impairment in the relationship between monetary policy and the...

This paper aims to investigate the relevance of bank-lending channel (BLC) of monetary policy in a small-open economy, i.e. Malaysia by using disaggregated bank-level data set. A dynamic panel data method namely GMM framework proposed by Arellano and Bond (1991), Arellano and Bover (1995), and...

To cope with the inflation increase to almost 10%, coupled with a weakened external position, in 1999 the Bank of Slovenia (BoS) implemented inflation targeting within a managed float regime. On the basis of the estimated macroeconomic transmission, we argue in favour of using an interest rate...

The purpose of this paper is to present the framework for statistical analyzing the monetary transmission mechanism: the process through which monetary policy decisions are transmitted into changes in real GDP, and inflation; and to evaluate the transmission mechanism in the monetary policy...

This  article  empirically  examines  the  interest  rate  pass through  mechanism for Pakistan, using six month treasury bills as a proxy for the policy  rate (the exogenous variable) and the weighted average lending rate and weighted ...

We use high-frequency intraday interest rate data to measure euro area monetary policy shocks on the days of ECB interest rate announcements between 2002 and 2013. In line with Gürkaynak et al. (2005), we look at monetary policy shocks along two time dimensions: one related to the current level...

This paper analyzes the importance of monetary policy transmission mechanism channels in the countries of Central and Eastern Europe (CEE) on the road to euro and their changes after the event of the recent financial crisis. We build out study based on the vector autoregression (VAR) model, with...

This paper analyzes the transmission mechanisms of monetary policy in the Central and Eastern European (CEE) countries on the road to euro adoption depending on the monetary policy strategies used by the national central banks (CBs). The scientific construction of the paper is based on three...