Global S&T Development Trend Analysis Platform of Resources and Environment
The Transmission of Interest Rates Shocks to Asia – Are Effects Different Below the Zero Lower Bound? | |
[unavailable] | |
2017-03-09 | |
出版年 | 2017 |
语种 | 英语 |
国家 | 国际 |
领域 | 气候变化 |
英文摘要 |
![]() Under positive eurozone interest rates, monetary policy shocks trigger positive spillovers to industry, and house and stock prices in Asia. We use a non-linear factor-augmented vector-autoregressive model to evaluate international effects of an unexpected decrease in euro area policy rates. Given the current environment of ultra low or negative interest rates, we especially focus on potential differences in the transmission of the monetary policy shock depending on the level of interest rates in the country from where the shock originates, i.e., the euro area. A euro area monetary policy shock when euro area interest rates are positive at the time the shock occurs tends to trigger positive spillovers to industrial production, house and stock prices, and negative effects on short- and long-term interest rates, as well as on inflation. Results tend to be similar when interest rates are already below zero at the time monetary policy turns out to be expansionary, however responses are estimated with a larger degree of uncertainty. In some cases, a distinct transmission depending on the level of interest rates in the euro area is observable but no general patterns emerge from the data. WORKING PAPER NO: 690 |
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来源平台 | Asian Development Bank |
文献类型 | 科技报告 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/233915 |
专题 | 气候变化 |
推荐引用方式 GB/T 7714 | [unavailable]. The Transmission of Interest Rates Shocks to Asia – Are Effects Different Below the Zero Lower Bound?,2017. |
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adbi-wp690.pdf(897KB) | 科技报告 | 开放获取 | CC BY-NC-SA | 浏览 下载 |
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