Fed paper examines financial spillovers of US monetary policy
Authors find conventional and unconventional policies create different spillover effects
US monetary policy does spill over to other countries via financial channels, but the effects differ depending on whether policy changes are conventional or unconventional, according to a working paper published by the US Federal Reserve Board.
US monetary policy and international bond markets, by Simon Gilchrist, Vivian Yue and Egon Zakrajsek, draws on high-frequency data on US Treasury yields in the brief period around policy decisions to capture unanticipated movements in policy.
The
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