Life, death, and health, as well as efficiency, may be at stake in statistical analyses of occupational, environmental, or transportation safety. Early detection and control of new or recurrent infectious diseases depend on sound  2  American Statistical Association. Ethical Guidelines for Statistical Practice. Alexandria, VA: American Statistical Association, 1999. Available at http:// amstat.org/profession/ ethicalstatistics.html.
In this context, how policy rate changes, impact bank deposit rates become important as banks rely on cost plus pricing of their loan products. Apart from cost of deposits, banks also load a risk premium which may change in different phases of the business cycle, and therefore, the lags could be longer.