PRA takes action against a former Notified Non-Executive Director of Wyelands Bank Plc for breaches of the PRA’s Individual Conduct Rule 2

The Prudential Regulation Authority has fined Mr George Jay Hambro, a former Notified Non-Executive Director of Wyelands Bank Plc, £72,000 for breaching Individual Conduct Rule 2 in relation to three matters between 3 July 2017 and 19 February 2020. Mr Hambro has expressed regret for his failings.

Interest rate control and the transmission of monetary policy

We study how short-term interest rate volatility affects the transmission of monetary policy. To identify exogenous changes in volatility, we exploit the pronounced heteroskedasticity visible in the time-series of euro area short-term rates over the past two and a half decades. Interacting the exogenous variation in volatility with high-frequency-identified monetary policy shocks, we find that increases in volatility dampen the effects of monetary policy on output and prices.

Interest rate control and the transmission of monetary policy

We study how short-term interest rate volatility affects the transmission of monetary policy. To identify exogenous changes in volatility, we exploit the pronounced heteroskedasticity visible in the time-series of euro area short-term rates over the past two and a half decades. Interacting the exogenous variation in volatility with high-frequency-identified monetary policy shocks, we find that increases in volatility dampen the effects of monetary policy on output and prices.

Pages

Subscribe to Front page feed