TAILIEUCHUNG - WORKING PAPER NO. 136 RETAIL BANK INTEREST RATE PASS-THROUGH: NEW EVIDENCE AT THE EURO AREA LEVEL

A further issue is whether fiscal policy problems have lead to higher long-term inflation expectations. The bold line in Figure 3, depicting long-term inflationary expectations, as extracted from long-term index linked bond prices, indicates that this was not the case. After an initial increase until May, break-even inflation decreased to its initial level in October, and remained stable thereafter. This development is again not clearly linked to fiscal policy events, although the initial implementation problems may have contributed to the initial rise, and the renewed strengthening of the Pact in November to the stability of inflation expectations. But the comparison with the implied break-even inflation rate in. | EUROPEAN CENTRAL BANK WORKING PAPER SERIES WORKING PAPER NO. 136 RETAIL BANK INTEREST RATE PASS-THROUGH NEW EVIDENCE AT THE EURO AREA LEVEL BY GABE DE BONDT April 2002 EUROPEAN CENTRAL BANK WORKING PAPER SERIES WORKING PAPER NO. 136 RETAIL BANK INTEREST RATE PASS-THROUGH NEW EVIDENCE AT THE EURO AREA LEVEL BY GABE DE BONDT April 2002 European Central Bank Kaiserstrasse 29 D-603II Frankfurt am Main GERMANY- Telephone 49 69 1344 641T fax 49 69 1344 6514 e-mail address- . Comments by Hans-Joachim Klockers John Fell Manfred Kremer and an anonymous referee and editorial as-sistance by Sarah Grout are appreciated-All views expressed are those of the author alone and do not necessarily reflect those of the ECB or the Eurosystem- European Central Bank 2001 Address Postal address Telephone Internet Fax Telex Kaiserstrasse 29 D-603II Frankfurt am Main Germany Postfach 16 03 19 D-60066 Frankfurt am Main Germany 49 69 1344 0 http 49 69 1344 6000 411 144 ecb d All rights reserved. The views expressed in this paper are those of the authors and do not necessarily reflect those of the European Central Bank. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. The views expressed in this paper are those of the authors and do not necessarily reflect those of the European Central Bank. ISSN .

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