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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w23651 |
来源ID | Working Paper 23651 |
Monetary Policy in the Capitals of Capital | |
Elena Gerko; Hélène Rey | |
发表日期 | 2017-08-07 |
出版年 | 2017 |
语种 | 英语 |
摘要 | The importance of financial markets and international capital flows have 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 movements in the policy rates and the effect of forward guidance, broadly defined. We also analyse international financial spillovers, which we find to be asymmetric. |
主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; International Economics ; International Macroeconomics ; Globalization and International Relations ; Financial Economics ; Financial Markets |
URL | https://www.nber.org/papers/w23651 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/581325 |
推荐引用方式 GB/T 7714 | Elena Gerko,Hélène Rey. Monetary Policy in the Capitals of Capital. 2017. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w23651.pdf(414KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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