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来源类型Working Paper
规范类型报告
DOI10.3386/w23651
来源IDWorking 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
URLhttps://www.nber.org/papers/w23651
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/581325
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GB/T 7714
Elena Gerko,Hélène Rey. Monetary Policy in the Capitals of Capital. 2017.
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