The interest rate pass‐through describes how changes in a reference rate (the monetary policy, money market or T‐bill rate) transmit to bank lending rates. We review the empirical literature on the interest rate pass‐through and systematize it by means of meta‐analysis and meta‐regressions. Using the pass‐through to corporate lending rates as the baseline, we find systematically lower estimated pass‐through coefficients in studies that focus on the pass‐through to consumer lending rates and rates on long‐term loans. Also studies estimating the pass‐through by averaging all lending rates into one category report a lower pass‐through. Importantly, the interest rate pass‐through is significantly influenced by the country's macro‐financial environment. In economies with deepening stock markets, the estimated pass‐through strengthens significantly. Interestingly, after the global financial crisis, the pass‐through weakened across the board, including because of growing trade openness and supply chain financing, rising volatility and stock market turnovers, as well as declining central bank independence. Inflation targeting frameworks, if in place, helped diminish this pass‐through weakening.

中文翻译：

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利率通过率：文献的元分析

利率传递描述了参考利率（货币政策，货币市场或国库券利率）的变化如何传递到银行贷款利率。我们回顾了有关利率传递的经验文献，并通过荟萃分析和荟萃回归将其系统化。以转嫁给企业的贷款利率为基准，我们在研究集中于转嫁给消费者的贷款利率和长期贷款利率的研究中发现系统地降低了估算的通过系数。另外，通过将所有贷款利率平均归为一类来估算通过率的研究报告了较低的通过率。重要的是，利率转嫁受到该国宏观金融环境的显着影响。在股票市场不断深化的经济体中，估计的通过率显着提高。有趣的是，在全球金融危机之后，通行证全面削弱，包括由于贸易开放性和供应链融资的增加，波动性和股票市场周转率的提高以及中央银行独立性的下降。如果有针对性的通货膨胀框架，则有助于减少这种传递减弱。