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首页> 外文期刊>Journal of money, credit and banking >Imperfect Competition in Bank Retail Markets, Deposit and Loan Rate Dynamics, and Incomplete Pass Through
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Imperfect Competition in Bank Retail Markets, Deposit and Loan Rate Dynamics, and Incomplete Pass Through

机译：银行零售市场竞争不完善，存款和贷款利率动态变化以及透支不完全

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摘要

This paper examines determinants of pass through from the market interest rate to bank retail deposit and loan rates. A dynamic adjustment cost model with imperfect competition implies that these rates depend on own lagged values and on lagged, current, and expected future values of the security rate. Greater competition in retail markets reduces the impact of lagged and expected rates on current retail rates while raising the effect of the current security rate, yielding greater pass through. These results have important implications for both the specifications used in empirical work and biases introduced into estimates of pass-through effects.
机译：本文研究了从市场利率到银行零售存贷款利率的传递的决定因素。具有不完全竞争的动态调整成本模型意味着这些利率取决于自身滞后值以及担保率的滞后，当前和预期的未来值。零售市场上的更大竞争减少了滞后和预期利率对当前零售利率的影响，同时提高了当前安全利率的影响，从而产生了更大的收益。这些结果对经验工作中使用的规范以及传递效应估计中引入的偏差都具有重要意义。

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