Balance sheet features impact global spillovers – NY Fed paper
Researchers find banks’ business models affect the extent to which policy spills across borders
Features of bank balance sheets affect the extent to which monetary policy spills across borders, according to an international research project. Some of the project’s results were published recently by the Federal Reserve Bank of New York.
Claudia Buch, Matthieu Bussière, Linda Goldberg and Robert Hills note that banks’ decisions play a “central role” in policy transmission. Their “meta-analysis” draws out some of the results from several individual country studies, conducted under the
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