Series: Research Features.
Author: Isabel Argimón, Clemens Bonner, Ricardo Correa, Patty Duijm, Jon Frost, Jakob de Haan, Leo de Haan y Viktors Stebunobs.
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Abstract
Using Dutch, Spanish, and U.S. confidential supervisory data this study finds marked heterogeneity in the transmission of monetary policy across banks, insurance companies, and pension funds, across the three banking systems, and across banks within each banking system. While insurance companies and pension funds do not transmit home-country monetary policy internationally, banks do, with the direction and strength of the transmission determined by their business models and balance sheet characteristics. The paper is part of the latest project of the International Banking Research Network.