The paper investigates from the policy rate to the market rates under the interest rate marketization of the People's Bank of China (PBC) since 2014. The focus is on the pass-through of the PBC's policy target rates pass-through to the market rates. Empirical results, on the daily basis of an...

I provide a simple general equilibrium model of monetary policy implementation and pass-through for undergraduate and graduate teaching. Besides a household and a firm, the model features a continuum of commercial banks, a government, and a central bank. The household uses deposits and cash to...

In December 2015, the Federal Reserve Board (FRB) initiated the process of “normalization,” with the objective of gradually raising the federal funds rate back to “normal” — i.e., levels that are “neither expansionary nor contrary” and are consistent with the established 2 percent...