| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w29327 |
| 来源ID | Working Paper 29327 |
| The Global Financial Cycle | |
| Silvia Miranda-Agrippino; Hélène Rey | |
| 发表日期 | 2021-10-04 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We review the literature on the empirical characteristics of the global financial cycle and associated stylized facts on international capital flows, asset prices, risk aversion and liquidity in the financial system. We analyse the co-movements of global factors in asset prices and capital flows with commodity prices, international trade and world output as well as the sensitivity of different parts of the world to the Global Financial Cycle. We present evidence of the causal effects of the monetary policies of the US Federal Reserve, the European Central Bank and of the People's Bank of China on the Global Financial Cycle. We then assess whether the 2008 financial crisis has altered the transmission channels of monetary policies on the Global Financial Cycle. Finally, we discuss the theoretical modelling of the Global Financial Cycle and avenues for future research. |
| 主题 | Macroeconomics ; Monetary Policy ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w29327 |
| 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/587001 |
| 推荐引用方式 GB/T 7714 | Silvia Miranda-Agrippino,Hélène Rey. The Global Financial Cycle. 2021. |
| 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 | ||
| w29327.pdf（785KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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