84 KB334 KB20 KB2023Volk, Matjaž1 spletni vir (1 datoteka PDF (11 str.))COBISSID:144751619ISBN:978-961-6960-74-8URN:URN:NBN:SI:doc-0VF0D9A9enBanka SlovenijeknjigeIs the ECB monetary tightening effective| the role of bank funding and asset structure|This paper analyses the transmission of the ECB policy rate to bank deposit rates. From June to December 2022, the policy rate increased by 2.5pp, while deposit rates in euro area banks increased only by 0.2pp. The pass-through was not perfect even in the previous cycle between 2005 and 2008, but it was nevertheless much higher compared to the recent one. I show that the two main factors behind the sluggish re-sponse in deposit rates are the sizeable amounts of deposits and liquidity on banks’ books. These effects are undesirable and work against ECB’s efforts to restore price stability by tightening monetary policyTEXTknjigebooksSlovenian National E-content AggregatorNational and University Library of Slovenia