| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w24454 |
| 来源ID | Working Paper 24454 |
| The International Transmission of Monetary Policy | |
| Claudia M. Buch; Matthieu Bussiere; Linda Goldberg; Robert Hills | |
| 发表日期 | 2018-04-02 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper presents the novel results from an internationally coordinated project by the International Banking Research Network (IBRN) on the cross-border transmission of conventional and unconventional monetary policy through banks. Teams from seventeen countries use confidential micro-banking data for the years 2000 through 2015 to explore the international transmission of monetary policies of the U.S., euro area, Japan, and United Kingdom. Two other studies use international data with different degrees of granularity. International spillovers into lending to the private sector do occur, especially for U.S. policies, and bank-specific heterogeneity influences the magnitudes of transmission. The effects are supportive of the international bank lending channel and the portfolio channel of monetary policy transmission. They also show that the frictions that banks face matter; in particular, foreign currency funding and hedging considerations can be a key source of heterogeneity. The forms of bank balance sheet heterogeneity that differentiate spillovers across banks are not uniform across countries. International spillovers into lending can be large for some banks, even while the average international spillovers of policies into nonbank lending generally are not large. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy ; International Economics ; International Finance ; International Macroeconomics ; Financial Economics ; Financial Markets ; Financial Institutions |
| URL | https://www.nber.org/papers/w24454 |
| 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/582128 |
| 推荐引用方式 GB/T 7714 | Claudia M. Buch,Matthieu Bussiere,Linda Goldberg,et al. The International Transmission of Monetary Policy. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w24454.pdf（614KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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