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Transmission Lags of Monetary Policy: A Meta-Analysis

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  • Tomas Havranek

    (Czech National Bank and Institute of Economic Studies, Charles University, Prague)

  • Marek Rusnak

    (Czech National Bank and Institute of Economic Studies, Charles University, Prague)

Abstract

The transmission of monetary policy to the economy is generally thought to have long and variable lags. In this paper we quantitatively review the modern literature on monetary transmission to provide stylized facts on the average lag length and the sources of variability. We collect sixty-seven published studies and examine when prices bottom out after a monetary contraction. The average transmission lag is twenty-nine months, and the maximum decrease in prices reaches 0.9 percent on average after a 1-percentage-point hike in the policy rate. Transmission lags are longer in developed economies (twenty-five to fifty months) than in post-transition economies (ten to twenty months). We find that the factor most effective in explaining this heterogeneity is financial development: greater financial development is associated with slower transmission.

Suggested Citation

  • Tomas Havranek & Marek Rusnak, 2013. "Transmission Lags of Monetary Policy: A Meta-Analysis," International Journal of Central Banking, International Journal of Central Banking, vol. 9(4), pages 39-76, December.
    • Handle: RePEc:ijc:ijcjou:y:2013:q:4:a:2
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    JEL classification:

    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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