U S Monetary Policy Normalization and Global Interest Rates is popular PDF and ePub book, written by Carlos Caceres in 2016-09-29, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, U S Monetary Policy Normalization and Global Interest Rates can be Read Online from any device for your convenience.
U S Monetary Policy Normalization and Global Interest Rates Book PDF Summary
As the Federal Reserve continues to normalize its monetary policy, this paper studies the impact of U.S. interest rates on rates in other countries. We find a modest but nontrivial pass-through from U.S. to domestic short-term interest rates on average. We show that, to a large extent, this comovement reflects synchronized business cycles. However, there is important heterogeneity across countries, and we find evidence of limited monetary autonomy in some cases. The co-movement of longer term interest rates is larger and more pervasive. We distinguish between U.S. interest rate movements that surprise markets versus those that are anticipated, and find that most countries receive greater spillovers from the former. We also distinguish between movements in the U.S. term premium and the expected path of risk-free rates, concluding that countries respond differently to these shocks. Finally, we explore the determinants of monetary autonomy and find strong evidence for the role of exchange rate flexibility, capital account openness, but also for other factors, such as dollarization of financial system liabilities, and the credibility of fiscal and monetary policy.
Detail Book of U S Monetary Policy Normalization and Global Interest Rates PDF
- Author : Carlos Caceres
- Release : 29 September 2016
- Publisher : International Monetary Fund
- ISBN : 9781475543063
- Genre : Business & Economics
- Total Page : 46 pages
- Language : English
- PDF File Size : 10,5 Mb
If you're still pondering over how to secure a PDF or EPUB version of the book U S Monetary Policy Normalization and Global Interest Rates by Carlos Caceres, don't worry! All you have to do is click the 'Get Book' buttons below to kick off your Download or Read Online journey. Just a friendly reminder: we don't upload or host the files ourselves.