The cyclicality of interest rate spreads in Austria: Evidence for a financial decelerator?

摘要: This study explores an important aspect of how the Austrian banking sector contributes to propagation aggregate shocks. Time series data for 1995-2003 period are applied examine cyclical variations in interest rate spreads. Dierentials between rates on loans and savings not found shrink economic upturns, so there is no financial mechanism emanating from bank markups that would entail amplification macroeconomic fluctuations. But also evidence banks dampening business cycle (a de-celerator) striking as increases spreads after shocks growth real GDP practically small.