Incomplete Interest Rate Pass-Through and Optimal Monetary Policy∗

The Basel Committee on Banking Supervision, after an extensive consultation process, redrafted its recommendations for credit institutions’ regulatory capital requirements (Basel I) issued in 1988. The revision was motivated by the wish to adequately refl ect current developments in banking and to strengthen the stability of the international fi nancial system. On Novem - ber 15, 2005, the Basel Committee on Banking Supervision presented the revised version of the “Basel II” Capital Accord’s framework agreement, ini- tially released under the title “International Convergence of Capital Measure- ment and Capital Requirements” on June 26, 2004. The major difference between this document and the...
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Incomplete Interest Rate Pass-Through and Optimal Monetary Policy∗