The Role of the Different Central Bank Rates in the Transmission of Monetary Policy |
Common terms and phrases
adjustment allotment rates Angeloni and Prati AREPO Autocorrelation Banca d'Italia Bank of Italy bank rates basis points central bank coefficient Confidence levels consumer confidence currency swaps daily liquidity deposit discount rate Economic Bulletin End-of-week data equation excess reserves exchange rate February federal funds rate fixed-term advances flexibility foreign exchange markets Gaiotti impact increase inflation expectations inflationary expectations Instrumental Variable interbank interbank rates interest rate corridor lags lending rate levels in square Locarno and Parigi long-term yields maintenance period market interest rates maturity medium and long-term MONETARY POLICY RATES monetary policy signal monetary transmission money market rates month official rate changes OLS estimates open market operations overnight rate primary dealers rate on fixed-term rate rate refinancing repo operations repo rate required reserves role in monetary Rudebusch running average S.E. of regression securities repurchase agreements square brackets standing facilities supply of liquidity Swap rate t-statistics in parenthesis Table White's t-statistics