International monetary spillovers
Boris Hofmann () and
BIS Quarterly Review, 2015
In recent years, interest rates have moved closely together worldwide, even though business cycles have been at different stages across countries. Boris Hofmann and Elod Takáts (BIS) ask how far international monetary spillovers have driven this co-movement, ie whether interest rates in core advanced economies are driving interest rates elsewhere. Studying 30 emerging market and smaller open advanced economies since 2000, they find that (i) US short- and long-term interest rates significantly affect the corresponding rates in other economies and (ii) these price spillovers do in part reflect policy spillovers. In other words, US monetary policy rates do influence policy rates in other countries more than might be expected from normal spillovers of macroeconomic conditions.
JEL-codes: F33 F36 F42 F65 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:bis:bisqtr:1509i
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