... is faster for lending rates in the case of monetary tightening. In the second period, the only asymmetry is detected in the response of the lending rate to a deviation in the long run relationship ... detected in the monetary indicator (∆iM=0). In these months, a monetary easing (tightening) is considered, d=1(d=0), if the interbank interest rate shows a reduction (increase), leading to easier ... effects detected in the case of a change in the monetary policy indicator. In other words, when a monetary easing occurs, the reduction of the short-term interest rate in the first months is...