TAILIEUCHUNG - WORKING PAPER SERIES NO. 580 / JANUARY 2006: BANK INTEREST RATE PASS-THROUGH IN THE EURO AREA A CROSS COUNTRY COMPARISON

Banks and other depository institutions can also borrow on a short-term basis at the Federal Reserve discount window and pay a rate of interest set by the Federal Reserve called the discount rate. A bank's decision to borrow at the discount window depends on the relation of the discount rate to the federal funds rate, as well as on the administrative arrangements surrounding the use of the window. Banks also borrow funds in the money market for longer periods by issuing large negotiable certificates. | EUROPEAN CENTRAL BANK WORKING PAPER SERIES NO. 580 I JANUARY 2006 BANK INTEREST RATE PASS-THROUGH IN THE EURO AREA A CROSS COUNTRY COMPARISON by Christoffer Kok Sorensen and Thomas Werner EUROPEAN CENTRAL BANK WORKING PAPER SERIES NO. 580 I JANUARY 2006 BANK INTEREST RATE PASS-THROUGH IN THE EURO AREA A CROSS COUNTRY COMPARISON 1 by Christoffer Kok Sorensen 2 and Thomas Werner 2 In 2006 all ECB publications will feature a motif taken from the 5 banknote. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 873596. I We should like to thank Francesco Drudi Hans-Joachim Klockers and David Marques Ibanez and an anonymous referee for very useful comments. All views expressed are those of the authors and do not necessarily represent those of the ECB or the Eurosystem. 2 Directorate General Economics European Central Bank Postfach 160319 60066 Frankfurt am Main Germany e-mails and European Central Bank 2006 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Internet http Fax 49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Any reproduction publication and reprint in the form of a different publication whether printed or produced electronically in whole or in part is permitted only with the explicit written authorisation of the ECB or the author s . The views expressed in this paper do not necessarily reflect those of the European Central Bank. The statement of purpose for the ECB Working Paper Series is available from the ECB website http . ISSN 1561-0810 print ISSN 1725-2806 online

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