| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12217 |
| DP12217 Monetary Policy in the Capitals of Capital | |
| Helene Rey | |
| 发表日期 | 2017-08-11 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | The importance of financial markets and international capital flows has increased greatly since the 1990s. How does this affect the effectiveness of monetary policy? We analyse the transmission of monetary policy in two important financial centres, the United States and the United Kingdom. Studying the responses of mortgage and corporate spreads, we find evidence in favour of an important financial channel in both countries. Our identification strategy allows us to study effects of the policy rate and of forward guidance, broadly defined. We also analyse international financial spillovers, which we find to be asymmetric. |
| 主题 | Financial Economics ; International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | monetary policy International financial spillovers High frequency identification |
| URL | https://cepr.org/publications/dp12217 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541028 |
| 推荐引用方式 GB/T 7714 | Helene Rey. DP12217 Monetary Policy in the Capitals of Capital. 2017. |
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