{"?xml":{"@version":"1.0"},"edm:RDF":{"@xmlns:dc":"http://purl.org/dc/elements/1.1/","@xmlns:edm":"http://www.europeana.eu/schemas/edm/","@xmlns:wgs84_pos":"http://www.w3.org/2003/01/geo/wgs84_pos","@xmlns:foaf":"http://xmlns.com/foaf/0.1/","@xmlns:rdaGr2":"http://rdvocab.info/ElementsGr2","@xmlns:oai":"http://www.openarchives.org/OAI/2.0/","@xmlns:owl":"http://www.w3.org/2002/07/owl#","@xmlns:rdf":"http://www.w3.org/1999/02/22-rdf-syntax-ns#","@xmlns:ore":"http://www.openarchives.org/ore/terms/","@xmlns:skos":"http://www.w3.org/2004/02/skos/core#","@xmlns:dcterms":"http://purl.org/dc/terms/","edm:WebResource":[{"@rdf:about":"http://www.dlib.si/stream/URN:NBN:SI:DOC-3B2Q5MPV/d16e33d8-d671-440c-920d-f813ca2d8802/IMAGE","dcterms:extent":"80 KB"},{"@rdf:about":"http://www.dlib.si/stream/URN:NBN:SI:DOC-3B2Q5MPV/3773ff3e-2c96-4780-b7cc-20bf75a907c3/PDF","dcterms:extent":"1420 KB"},{"@rdf:about":"http://www.dlib.si/stream/URN:NBN:SI:DOC-3B2Q5MPV/e7a11fc3-13c5-4cd4-be3a-fe1a4396ab35/TEXT","dcterms:extent":"33 KB"}],"edm:ProvidedCHO":{"@rdf:about":"URN:NBN:SI:DOC-3B2Q5MPV","dcterms:issued":"2024","dc:creator":["Damjanović, Milan","Gavilan-Rubio, Miguel A."],"dc:format":{"@xml:lang":"sl","#text":"1 spletni vir (1 datoteka PDF (16 str.))"},"dc:identifier":["COBISSID:196658179","ISBN:978-961-96526-6-4","URN:URN:NBN:SI:doc-3B2Q5MPV"],"dc:language":"en","dc:publisher":{"@xml:lang":"sl","#text":"Banka Slovenije"},"dc:source":{"@xml:lang":"sl","#text":"knjige"},"dc:title":{"@xml:lang":"sl","#text":"Empirical analysis of the pass-through of upstream financing conditions in the euro area|"},"dc:description":{"@xml:lang":"sl","#text":"This short analytical note assesses the pass-through from upstream to downstream financing conditions in the euro area. Upstream financing conditions include the long-term interest rates and yields that are perceived most susceptible to economic policy decisions and market expectations. By contrast, downstream financing conditions should closely reflect borrowing costs faced by households and businesses and there-fore have a direct impact on consumption and investment decisions. Understanding the pass-through along the chain of financing conditions is at the core of effective monetary policy transmission. /// Contrary to common assumptions of the co-movement of upstream and downstream financing conditions, our findings highlight the complexity of this transmission. Our analysis distinguishes among movements in the upstream financing conditions that are re-spectively caused by shifts in market inflation expectations, sovereign spreads and monetary policy surprises. More specifically, we find that the sign, timing, persistency and intensity of the pass-through vary depending on the nature of the original shock. /// We find that, while the pass-through is only partial and sluggish in the case of inflation expectations shocks, the transmission exceeds fullness in the presence of monetary policy surprises. Additionally, in the case of heightened sovereign stress, the down-stream conditions react with the opposite sign, reflecting an active role of the ECB in preventing market fragmentation and safeguarding financial transmission against this type of shock"},"edm:type":"TEXT","dc:type":[{"@xml:lang":"sl","#text":"knjige"},{"@xml:lang":"en","#text":"books"},{"@rdf:resource":"http://www.wikidata.org/entity/Q571"}]},"ore:Aggregation":{"@rdf:about":"http://www.dlib.si/?URN=URN:NBN:SI:DOC-3B2Q5MPV","edm:aggregatedCHO":{"@rdf:resource":"URN:NBN:SI:DOC-3B2Q5MPV"},"edm:isShownBy":{"@rdf:resource":"http://www.dlib.si/stream/URN:NBN:SI:DOC-3B2Q5MPV/3773ff3e-2c96-4780-b7cc-20bf75a907c3/PDF"},"edm:rights":{"@rdf:resource":"http://rightsstatements.org/vocab/InC/1.0/"},"edm:provider":"Slovenian National E-content Aggregator","edm:dataProvider":{"@xml:lang":"en","#text":"National and University Library of Slovenia"},"edm:object":{"@rdf:resource":"http://www.dlib.si/streamdb/URN:NBN:SI:DOC-3B2Q5MPV/maxi/edm"},"edm:isShownAt":{"@rdf:resource":"http://www.dlib.si/details/URN:NBN:SI:DOC-3B2Q5MPV"}}}}