{"id":"https://openalex.org/W2284443472","doi":"https://doi.org/10.1111/infi.12074","title":"Has the Transmission of Policy Rates to Lending Rates Changed in the Wake of the Global Financial Crisis?","display_name":"Has the Transmission of Policy Rates to Lending Rates Changed in the Wake of the Global Financial Crisis?","publication_year":2015,"publication_date":"2015-12-01","ids":{"openalex":"https://openalex.org/W2284443472","doi":"https://doi.org/10.1111/infi.12074","mag":"2284443472"},"language":"en","primary_location":{"id":"doi:10.1111/infi.12074","doi":"https://doi.org/10.1111/infi.12074","is_oa":false,"landing_page_url":"https://doi.org/10.1111/infi.12074","pdf_url":null,"source":{"id":"https://openalex.org/S2165841","display_name":"International Finance","issn_l":"1367-0271","issn":["1367-0271","1468-2362"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","erih-plus","jufo-1","norway-1","poland-70","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Finance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2542221","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5047191177","display_name":"Leonardo Gambacorta","orcid":"https://orcid.org/0000-0002-9895-6590","observed_orcids":["https://orcid.org/0000-0002-9895-6590"]},"institutions":[{"id":"https://openalex.org/I52989892","display_name":"Bank for International Settlements","ror":"https://ror.org/00d062t77","country_code":"CH","type":"other","lineage":["https://openalex.org/I52989892"]}],"countries":["CH"],"is_corresponding":true,"raw_author_name":"Leonardo Gambacorta","raw_affiliation_strings":["Bank for International Settlements"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Bank for International Settlements","institution_ids":["https://openalex.org/I52989892"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5012300708","display_name":"Anamaria Illes","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I52989892","display_name":"Bank for International Settlements","ror":"https://ror.org/00d062t77","country_code":"CH","type":"other","lineage":["https://openalex.org/I52989892"]}],"countries":["CH"],"is_corresponding":false,"raw_author_name":"Anamaria Illes","raw_affiliation_strings":["Bank for International Settlements"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Bank for International Settlements","institution_ids":["https://openalex.org/I52989892"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5103179166","display_name":"Marco Jacopo Lombardi","orcid":"https://orcid.org/0000-0001-7002-3871","observed_orcids":["https://orcid.org/0000-0001-7002-3871"]},"institutions":[{"id":"https://openalex.org/I52989892","display_name":"Bank for International Settlements","ror":"https://ror.org/00d062t77","country_code":"CH","type":"other","lineage":["https://openalex.org/I52989892"]}],"countries":["CH"],"is_corresponding":false,"raw_author_name":"Marco Jacopo Lombardi","raw_affiliation_strings":["Bank for International Settlements"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Bank for International Settlements","institution_ids":["https://openalex.org/I52989892"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5047191177"],"corresponding_institution_ids":["https://openalex.org/I52989892"],"apc_list":{"value":2900,"currency":"USD","value_usd":2900},"apc_paid":null,"fwci":13.6928,"has_fulltext":false,"cited_by_count":56,"citation_normalized_percentile":{"value":0.98612696,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":92,"max":99},"biblio":{"volume":"18","issue":"3","first_page":"263","last_page":"280"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9916999936103821,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9916999936103821,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.007199999876320362,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/monetary-policy-transmission","display_name":"monetary policy transmission","score":0.8270000219345093},{"id":"https://openalex.org/keywords/policy-rate","display_name":"key rate","score":0.7020000219345093},{"id":"https://openalex.org/keywords/loan-interest-rates","display_name":"loan interest rates","score":0.9330000281333923},{"id":"https://openalex.org/keywords/2008-financial-crisis","display_name":"2008 financial crisis","score":0.7990000247955322},{"id":"https://openalex.org/keywords/structural-breaks","display_name":"structural breaks","score":0.8209999799728394},{"id":"https://openalex.org/keywords/non-financial-firms","display_name":"non-financial firms","score":0.7749999761581421},{"id":"https://openalex.org/keywords/cointegration","display_name":"cointegration","score":0.7639999985694885},{"id":"https://openalex.org/keywords/accommodative-monetary-policy","display_name":"accommodative monetary policy","score":0.7630000114440918}],"concepts":[{"id":"https://openalex.org/C145162277","wikidata":"https://www.wikidata.org/wiki/Q1751675","display_name":"Cointegration","level":2,"score":0.7910770177841187},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7405875325202942},{"id":"https://openalex.org/C186008389","wikidata":"https://www.wikidata.org/wiki/Q7625010","display_name":"Structural break","level":2,"score":0.7191742658615112},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.670076310634613},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.6203498840332031},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5275214314460754},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.47839105129241943},{"id":"https://openalex.org/C761482","wikidata":"https://www.wikidata.org/wiki/Q118093","display_name":"Transmission (telecommunications)","level":2,"score":0.4220902621746063},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.3280119299888611},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.1841418743133545},{"id":"https://openalex.org/C119599485","wikidata":"https://www.wikidata.org/wiki/Q43035","display_name":"Electrical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.1111/infi.12074","doi":"https://doi.org/10.1111/infi.12074","is_oa":false,"landing_page_url":"https://doi.org/10.1111/infi.12074","pdf_url":null,"source":{"id":"https://openalex.org/S2165841","display_name":"International Finance","issn_l":"1367-0271","issn":["1367-0271","1468-2362"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","erih-plus","jufo-1","norway-1","poland-70","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Finance","raw_type":"journal-article"},{"id":"mag:2116236983","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2542221","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},{"id":"mag:3122177605","doi":null,"is_oa":false,"landing_page_url":"https://EconPapers.repec.org/RePEc:bis:biswps:477","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"pmh:oai:RePEc:bis:biswps:477","doi":null,"is_oa":false,"landing_page_url":"http://www.bis.org/publ/work477.htm","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"}],"best_oa_location":{"id":"mag:2116236983","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2542221","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":24,"referenced_works":["https://openalex.org/W1525495211","https://openalex.org/W1556692558","https://openalex.org/W1562619887","https://openalex.org/W1581274837","https://openalex.org/W1973138586","https://openalex.org/W1975979695","https://openalex.org/W2000016074","https://openalex.org/W2027838877","https://openalex.org/W2058456569","https://openalex.org/W2076875561","https://openalex.org/W2089642663","https://openalex.org/W2110002822","https://openalex.org/W2110603299","https://openalex.org/W2121830658","https://openalex.org/W2123912455","https://openalex.org/W2228461633","https://openalex.org/W3121197862","https://openalex.org/W3121354131","https://openalex.org/W3121629120","https://openalex.org/W3122536819","https://openalex.org/W3125263463","https://openalex.org/W3125749048","https://openalex.org/W3140480645","https://openalex.org/W4236988976"],"related_works":["https://openalex.org/W2116236983","https://openalex.org/W2908918712","https://openalex.org/W2126024108","https://openalex.org/W7100679308","https://openalex.org/W7097697238","https://openalex.org/W2955503288","https://openalex.org/W1571236718","https://openalex.org/W2885561329","https://openalex.org/W1979160939","https://openalex.org/W162092935"],"abstract_inverted_index":{"Abstract":[0],"Central":[1],"banks":[2],"of":[3,27,44,98,118,148],"major":[4],"advanced":[5],"economies":[6],"have":[7,22],"maintained":[8],"a":[9,99,106,112],"very":[10],"accommodative":[11],"monetary":[12],"policy":[13,29,45,68,124],"stance":[14],"in":[15,38,75,91,115,131],"the":[16,25,39,42,53,78,82,92,116,119,123,132,142],"last":[17],"few":[18],"years.":[19],"However,":[20],"concerns":[21],"surfaced":[23],"that":[24,126],"transmission":[26,43],"low":[28],"rates":[30,33,46,49,71],"to":[31,47,111],"lending":[32,48,70,120,143],"has":[34],"been":[35,50],"weaker":[36],"than":[37],"past.":[40],"Has":[41],"impaired":[51],"by":[52,140],"global":[54],"financial":[55],"crisis?":[56],"To":[57],"answer":[58],"this":[59],"question,":[60],"we":[61],"first":[62],"estimate":[63],"standard":[64,127],"cointegrating":[65],"equations":[66],"linking":[67],"and":[69,81],"for":[72,88],"non\u2010financial":[73],"firms":[74],"Italy,":[76],"Spain,":[77],"United":[79,83],"Kingdom":[80],"States.":[84],"We":[85],"then":[86],"test":[87],"structural":[89,107,136],"change":[90],"cointegration":[93],"parameters,":[94],"finding":[95],"strong":[96,113],"evidence":[97],"break":[100,108],"after":[101],"Lehman":[102],"Brothers\u2019":[103],"default.":[104],"Such":[105],"is":[109,138],"owed":[110],"increase":[114],"mark\u2010up":[117],"rate":[121,125,144],"over":[122],"models":[128],"assume":[129],"constant":[130],"long":[133],"run.":[134],"The":[135],"shift":[137],"explained":[139],"compounding":[141],"equation":[145],"with":[146],"measures":[147],"risk.":[149]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":6},{"year":2023,"cited_by_count":6},{"year":2022,"cited_by_count":8},{"year":2021,"cited_by_count":6},{"year":2020,"cited_by_count":7},{"year":2019,"cited_by_count":4},{"year":2018,"cited_by_count":5},{"year":2017,"cited_by_count":5},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":3}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2016-06-24T00:00:00"}
