Using a multiple-threshold regression model and monthly data (April 1982−July 2024), we analyze the Reserve Bank of Australia's cash rate pass-through effects on lending and deposit rates. For lending rates, pass-through is symmetric when the cash rate is below 4.75 %. However, at certain cash rate levels, mortgage and small business rates shoot up like rockets but fall like feathers. No asymmetry was detected in deposit rates, suggesting a symmetric response to changes in the cash rate. These findings have important implications for regulatory bodies, highlighting specific cash rate levels and corresponding lending or deposit rates that may require closer scrutiny.

中文翻译：

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澳大利亚储备银行现金利率对存款和贷款利率的传递效应


使用多阈值回归模型和月度数据（1982 年 4 月至 2024 年 7 月），我们分析了澳大利亚储备银行现金利率转嫁对贷款和存款利率的影响。对于贷款利率，当现金利率低于 4.75% 时，转嫁是对称的。然而，在某些现金利率水平上，抵押贷款和小企业利率像火箭一样飙升，但像羽毛一样下降。在存款利率中没有检测到不对称性，表明对现金利率变化的对称响应。这些发现对监管机构具有重要意义，突出了可能需要更密切审查的特定现金利率水平和相应的贷款或存款利率。