Advanced economies suffer greater spillovers – BIS research
Study examines extent to which various central banks cause and suffer policy spillovers
Advanced economies tend to suffer greater spillovers from monetary policy than emerging markets, due to their closer integration in global markets, according to a working paper published by the Bank for International Settlements.
Authors Jonathan Kearns, Andreas Schrimpf and Dora Xia try to pin down a causal spillover effect, noting that some previous studies have struggled to distinguish spillovers from common drivers. They study monetary policy shocks emanating from seven advanced-economy
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