Spread between the euro short-term rate (€STR) and the deposit facility rate

Rationale This article analyses the factors that are contributing to the widening of the spread between the euro short-term rate (€STR) and the deposit facility rate, with a view to assessing monetary policy transmission in the Eurosystem. Takeaways •The key factors that explain the behaviour of thi...

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Detalles Bibliográficos
Autores: Santalla Pérez, Yasmina, Castillo Lozoya, María del Carmen, García Ramos, Laura, Arregui Gil, José M.
Tipo de recurso: artículo
Fecha de publicación:2023
País:España
Institución:Banco de España
Repositorio:Repositorio Institucional del Banco de España
OAI Identifier:oai:repositorio.bde.es:123456789/33452
Acceso en línea:https://repositorio.bde.es/handle/123456789/33452
Access Level:acceso abierto
Palabra clave:Euro short-term rate
Deposit facility
Monetary policy transmission
Money market
Money market statistics
Eurosystem balance sheet
Excess liquidity
Non-bank financial institutions
Bancos centrales y otras autoridades monetarias
Política monetaria
E52
E58
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oai_identifier_str oai:repositorio.bde.es:123456789/33452
network_acronym_str ES
network_name_str España
repository_id_str
spelling Spread between the euro short-term rate (€STR) and the deposit facility rateSantalla Pérez, YasminaCastillo Lozoya, María del CarmenGarcía Ramos, LauraArregui Gil, José M.Euro short-term rateDeposit facilityMonetary policy transmissionMoney marketMoney market statisticsEurosystem balance sheetExcess liquidityNon-bank financial institutionsBancos centrales y otras autoridades monetariasPolítica monetariaE52E58Rationale This article analyses the factors that are contributing to the widening of the spread between the euro short-term rate (€STR) and the deposit facility rate, with a view to assessing monetary policy transmission in the Eurosystem. Takeaways •The key factors that explain the behaviour of this spread are the expansion of the Eurosystem’s balance sheet and the change in the monetary policy stance. •The pass-through of the recent interest rate hikes to money market rates has been effective and cannot explain the widening of the spread. •Once the rate hiking cycle comes to an end, the contraction in the Eurosystem’s balance sheet can be expected to curb or even reverse the trend observed in the spread.Banco de EspañaMadrid : Banco de España, 20232023info:eu-repo/semantics/articleapplication/pdfhttps://repositorio.bde.es/handle/123456789/33452reponame:Repositorio Institucional del Banco de Españainstname:Banco de EspañaInglésEconomic Bulletin / Banco de España, 2023/Q3, 08Versión en español 123456789/33153info:eu-repo/semantics/openAccessoai:repositorio.bde.es:123456789/334522026-06-20T12:44:27Z
dc.title.none.fl_str_mv Spread between the euro short-term rate (€STR) and the deposit facility rate
title Spread between the euro short-term rate (€STR) and the deposit facility rate
spellingShingle Spread between the euro short-term rate (€STR) and the deposit facility rate
Santalla Pérez, Yasmina
Euro short-term rate
Deposit facility
Monetary policy transmission
Money market
Money market statistics
Eurosystem balance sheet
Excess liquidity
Non-bank financial institutions
Bancos centrales y otras autoridades monetarias
Política monetaria
E52
E58
title_short Spread between the euro short-term rate (€STR) and the deposit facility rate
title_full Spread between the euro short-term rate (€STR) and the deposit facility rate
title_fullStr Spread between the euro short-term rate (€STR) and the deposit facility rate
title_full_unstemmed Spread between the euro short-term rate (€STR) and the deposit facility rate
title_sort Spread between the euro short-term rate (€STR) and the deposit facility rate
dc.creator.none.fl_str_mv Santalla Pérez, Yasmina
Castillo Lozoya, María del Carmen
García Ramos, Laura
Arregui Gil, José M.
author Santalla Pérez, Yasmina
author_facet Santalla Pérez, Yasmina
Castillo Lozoya, María del Carmen
García Ramos, Laura
Arregui Gil, José M.
author_role author
author2 Castillo Lozoya, María del Carmen
García Ramos, Laura
Arregui Gil, José M.
author2_role author
author
author
dc.subject.none.fl_str_mv Euro short-term rate
Deposit facility
Monetary policy transmission
Money market
Money market statistics
Eurosystem balance sheet
Excess liquidity
Non-bank financial institutions
Bancos centrales y otras autoridades monetarias
Política monetaria
E52
E58
topic Euro short-term rate
Deposit facility
Monetary policy transmission
Money market
Money market statistics
Eurosystem balance sheet
Excess liquidity
Non-bank financial institutions
Bancos centrales y otras autoridades monetarias
Política monetaria
E52
E58
description Rationale This article analyses the factors that are contributing to the widening of the spread between the euro short-term rate (€STR) and the deposit facility rate, with a view to assessing monetary policy transmission in the Eurosystem. Takeaways •The key factors that explain the behaviour of this spread are the expansion of the Eurosystem’s balance sheet and the change in the monetary policy stance. •The pass-through of the recent interest rate hikes to money market rates has been effective and cannot explain the widening of the spread. •Once the rate hiking cycle comes to an end, the contraction in the Eurosystem’s balance sheet can be expected to curb or even reverse the trend observed in the spread.
publishDate 2023
dc.date.none.fl_str_mv 2023
dc.type.none.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://repositorio.bde.es/handle/123456789/33452
url https://repositorio.bde.es/handle/123456789/33452
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Economic Bulletin / Banco de España, 2023/Q3, 08
Versión en español 123456789/33153
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Banco de España
Madrid : Banco de España, 2023
publisher.none.fl_str_mv Banco de España
Madrid : Banco de España, 2023
dc.source.none.fl_str_mv reponame:Repositorio Institucional del Banco de España
instname:Banco de España
instname_str Banco de España
reponame_str Repositorio Institucional del Banco de España
collection Repositorio Institucional del Banco de España
repository.name.fl_str_mv
repository.mail.fl_str_mv
_version_ 1869404315428323328
score 15,300724

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