{"id":"https://openalex.org/W2996574803","doi":null,"title":"Is Monetary Policy Always Effective? Incomplete Interest Rate Pass-through in a DSGE Model","display_name":"Is Monetary Policy Always Effective? Incomplete Interest Rate Pass-through in a DSGE Model","publication_year":2019,"publication_date":"2019-11-01","ids":{"openalex":"https://openalex.org/W2996574803","mag":"2996574803"},"language":"en","primary_location":{"id":"pmh:oai:norges-bank.brage.unit.no:11250/2652999","doi":null,"is_oa":true,"landing_page_url":"https://hdl.handle.net/11250/2652999","pdf_url":"https://hdl.handle.net/11250/2652999","source":{"id":"https://openalex.org/S7407064446","display_name":"NORA - Norwegian Open Research Archives","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"67","raw_type":"info:eu-repo/semantics/workingPaper"},"volume":null,"type":"report","is_traditional":false,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://hdl.handle.net/11250/2652999","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5000746693","display_name":"Andrew Binning","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Andrew Binning","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5012670842","display_name":"Hilde Christiane Bj\u00f8rnland","orcid":"https://orcid.org/0000-0002-3126-0193","observed_orcids":["https://orcid.org/0000-0002-3126-0193"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Hilde C. Bj\u00f8rnland","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5031014788","display_name":"Junior Maih","orcid":"https://orcid.org/0000-0001-7083-5204","observed_orcids":["https://orcid.org/0000-0001-7083-5204"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Junior Maih","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":2,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9990000128746033,"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":0.9990000128746033,"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/T12137","display_name":"Economic theories and models","score":0.0005000000237487257,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"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":9.999999747378752e-05,"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-effectiveness","display_name":"monetary policy effectiveness","score":0.8289999961853027},{"id":"https://openalex.org/keywords/interest-rate-pass-through","display_name":"interest rate pass-through","score":0.871999979019165},{"id":"https://openalex.org/keywords/asymmetric-pass-through","display_name":"asymmetric pass-through","score":0.8050000071525574},{"id":"https://openalex.org/keywords/zero-lower-bound","display_name":"zero lower bound","score":0.9760000109672546},{"id":"https://openalex.org/keywords/banking","display_name":"banking sector","score":0.9229999780654907},{"id":"https://openalex.org/keywords/interest-rate-spreads","display_name":"interest rate spreads","score":0.8100000023841858},{"id":"https://openalex.org/keywords/loan-interest-rates","display_name":"loan interest rates","score":0.6110000014305115},{"id":"https://openalex.org/keywords/deposit-rates","display_name":"deposit interest rates","score":0.9929999709129333},{"id":"https://openalex.org/keywords/time-varying-pass-through","display_name":"time-varying pass-through","score":0.6710000038146973}],"concepts":[{"id":"https://openalex.org/C489367","wikidata":"https://www.wikidata.org/wiki/Q1962064","display_name":"Dynamic stochastic general equilibrium","level":3,"score":0.8682957887649536},{"id":"https://openalex.org/C2778078003","wikidata":"https://www.wikidata.org/wiki/Q8069596","display_name":"Zero lower bound","level":3,"score":0.8540922403335571},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7589985132217407},{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.7549422979354858},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.7150712609291077},{"id":"https://openalex.org/C84888623","wikidata":"https://www.wikidata.org/wiki/Q1205832","display_name":"Nominal interest rate","level":4,"score":0.5535262823104858},{"id":"https://openalex.org/C2776036281","wikidata":"https://www.wikidata.org/wiki/Q48769818","display_name":"Constraint (computer-aided design)","level":2,"score":0.547153115272522},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.4862057566642761},{"id":"https://openalex.org/C107673813","wikidata":"https://www.wikidata.org/wiki/Q812534","display_name":"Bayesian probability","level":2,"score":0.44453275203704834},{"id":"https://openalex.org/C68022304","wikidata":"https://www.wikidata.org/wiki/Q842217","display_name":"Bayes estimator","level":3,"score":0.43138113617897034},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.42668479681015015},{"id":"https://openalex.org/C154815372","wikidata":"https://www.wikidata.org/wiki/Q1140421","display_name":"Real interest rate","level":3,"score":0.3022617697715759},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.113200843334198},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.08506333827972412},{"id":"https://openalex.org/C2524010","wikidata":"https://www.wikidata.org/wiki/Q8087","display_name":"Geometry","level":1,"score":0.0}],"mesh":[],"locations_count":6,"locations":[{"id":"pmh:oai:norges-bank.brage.unit.no:11250/2652999","doi":null,"is_oa":true,"landing_page_url":"https://hdl.handle.net/11250/2652999","pdf_url":"https://hdl.handle.net/11250/2652999","source":{"id":"https://openalex.org/S7407064446","display_name":"NORA - Norwegian Open Research Archives","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"67","raw_type":"info:eu-repo/semantics/workingPaper"},{"id":"mag:2996574803","doi":null,"is_oa":false,"landing_page_url":"https://biopen.bi.no/bi-xmlui/handle/11250/2630790","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:bno:worpap:2019_22","doi":null,"is_oa":false,"landing_page_url":"https://hdl.handle.net/11250/2652999","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"},{"id":"pmh:oai:RePEc:bny:wpaper:0081","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/11250/2630790","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"},{"id":"pmh:oai:biopen.bi.no:11250/2630790","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/11250/2630790","pdf_url":null,"source":{"id":"https://openalex.org/S7407064446","display_name":"NORA - Norwegian Open Research Archives","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"68","raw_type":"info:eu-repo/semantics/workingPaper"},{"id":"pmh:oai:econstor.eu:10419/246103","doi":null,"is_oa":true,"landing_page_url":"http://hdl.handle.net/10419/246103","pdf_url":null,"source":{"id":"https://openalex.org/S4306401696","display_name":"Econstor (Econstor)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"doc-type:workingPaper"}],"best_oa_location":{"id":"pmh:oai:norges-bank.brage.unit.no:11250/2652999","doi":null,"is_oa":true,"landing_page_url":"https://hdl.handle.net/11250/2652999","pdf_url":"https://hdl.handle.net/11250/2652999","source":{"id":"https://openalex.org/S7407064446","display_name":"NORA - Norwegian Open Research Archives","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"67","raw_type":"info:eu-repo/semantics/workingPaper"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2996574803.pdf","grobid_xml":"https://content.openalex.org/works/W2996574803.grobid-xml"},"referenced_works_count":18,"referenced_works":["https://openalex.org/W289063568","https://openalex.org/W1486326144","https://openalex.org/W1502495420","https://openalex.org/W1605859073","https://openalex.org/W1979649369","https://openalex.org/W2022314986","https://openalex.org/W2054897298","https://openalex.org/W2089642663","https://openalex.org/W2124532652","https://openalex.org/W2127271713","https://openalex.org/W2137000086","https://openalex.org/W2498799476","https://openalex.org/W2579500219","https://openalex.org/W2585599507","https://openalex.org/W3121567201","https://openalex.org/W3121794754","https://openalex.org/W3123411763","https://openalex.org/W3124442567"],"related_works":["https://openalex.org/W2000593456","https://openalex.org/W2971785338","https://openalex.org/W7018140504","https://openalex.org/W7127128386","https://openalex.org/W569441008","https://openalex.org/W2061790968","https://openalex.org/W1559718967","https://openalex.org/W2051879932","https://openalex.org/W2615022640","https://openalex.org/W2734248881"],"abstract_inverted_index":{"We":[0,61],"estimate":[1],"a":[2,7,23],"regime-switching":[3],"DSGE":[4],"model":[5,31],"with":[6],"banking":[8],"sector":[9],"to":[10,48,66,98],"explain":[11,49],"incomplete":[12,74,103,133],"and":[13,42,55,73,132],"asymmetric":[14,125],"interest":[15,52],"rate":[16,53,113,121],"pass-through,":[17],"especially":[18],"in":[19,58,69,75,89,110],"the":[20,50,59,70,76,82,85,90,106,111,119,128],"presence":[21],"of":[22,84,108,118],"binding":[24],"zero":[25,129],"lower":[26,130],"bound":[27],"(ZLB)":[28],"constraint.":[29],"The":[30,44],"is":[32,114],"estimated":[33],"using":[34],"Bayesian":[35],"techniques":[36],"on":[37],"US":[38],"data":[39],"between":[40],"1985":[41],"2016.":[43],"framework":[45],"allows":[46],"us":[47],"time-varying":[51],"spreads":[54],"pass-through":[56,64,109,134],"observed":[57],"data.":[60],"?nd":[62,95],"that":[63,117,136],"tends":[65],"be":[67,99],"delayed":[68],"short":[71],"run,":[72],"long":[77],"run.":[78],"All":[79],"this":[80],"impacts":[81],"dynamics":[83,126],"other":[86],"macroeconomic":[87],"variables":[88],"model.":[91],"In":[92],"particular,":[93],"we":[94],"monetary":[96],"policy":[97],"less":[100],"e?ective":[101],"under":[102],"pass-through.":[104],"Furthermore,":[105],"behavior":[107],"loan":[112],"di?erent":[115],"from":[116],"deposit":[120],"shocks.":[122],"This":[123],"creates":[124],"at":[127],"bound,":[131],"exacerbates":[135],"asymmetry.":[137]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2022,"cited_by_count":1}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2019-12-26T00:00:00"}
