We use the Christensen, Diebold, and Rudebusch (2011) representation of the yield curve to test the functioning of the interest rate transmission mechanism along the yield curve based on government paper in advanced, emerging market, and low-income countries. We find a robust link from the policy and short-term interbank rates to the longer-term bond yields in all countries. Two policy implications emerge. First, the presence of well-developed secondary markets does not seem to affect transmission of short term rates along the yield curve. Second, the strength of the transmission mechanism seems to be affected by the choice of the monetary regime and the level of development: advanced countries with a credible inflation targeting regime seem to have better-behaved yield curves than the countries with other monetary regimes.

我们使用收益率曲线的Christensen，Diebold和Rudebusch（2011）表示法，基于先进，新兴市场和低收入国家/地区的政府论文，测试了利率传导机制沿着收益率曲线的功能。我们发现，所有国家/地区的政策利率和短期银行同业拆借利率与长期债券收益率之间都存在稳固的联系。出现了两个政策含义。首先，发达的二级市场的存在似乎并不影响短期收益率沿着收益率曲线的传导。第二，传导机制的力量似乎受到货币制度和发展水平的选择的影响：具有可靠的通胀目标制的发达国家的收益率曲线似乎优于具有其他货币制度的国家。