| Cotarelli, C. and A. Kourelis, 1994, Financial structure, bank lending rates, and the transmission mechanism of monetary policy, IMF Staff Papers 41, No.4. |
....analysis of asymmetries in European financial markets by means of examining how innovations in policy rates are passed onto lending rates as an important element for the speed of the monetary transmission process. Until recently, the literature has often neglected this issue. Exemptions are e.g. Cotarelli and Kourelis (1994), who focus on the role of lending rate stickiness and its structural determinants, Cotarelli, Ferri, and Generale (1995) BIS (1995) and IMF, World Economic Outlook October (1996) Dornbusch et al. 1998) review this literature with respect to the financial market reaction in potential EMU ....
Cotarelli, C. and A. Kourelis, 1994, Financial structure, bank lending rates, and the transmission mechanism of monetary policy, IMF Staff Papers 41, No.4.
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