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U.S. monetary policy normalization and global interenst rates /
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 comoveme...
| Clasificación: | Libro Electrónico |
|---|---|
| Autores principales: | , , , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
[2016]
|
| Colección: | IMF working paper ;
WP/16/195. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 100 | 1 | |a Caceres, Carlos |c (Economist), |e author, |e (IMF staff) | |
| 245 | 1 | 0 | |a U.S. monetary policy normalization and global interenst rates / |c prepared by Carlos Caceres, Yan Carrière-Swallow, Ishak Demir, and Bertrand Gruss. |
| 246 | 3 | |a United States monetary policy normalization and global interenst rates | |
| 264 | 1 | |a [Washington, D.C.] : |b International Monetary Fund, |c [2016] | |
| 264 | 4 | |c ©2016 | |
| 300 | |a 1 online resource (46 pages) : |b color illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper, |x 1018-5941 ; |v WP/16/195 | |
| 500 | |a "September 2016." | ||
| 500 | |a At head of title: International Monetary Fund, Western Hemisphere Department. | ||
| 504 | |a Includes bibliographical references (pages 34-36). | ||
| 520 | 3 | |a 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. | |
| 588 | 0 | |a Online resource; title from pdf title page (IMF.org Web site, viewed October 27, 2016). | |
| 505 | 0 | |a Cover; Contents; Abstract; I INTRODUCTION; II DATA; III PASS-THROUGH FROM U.S TO DOMESTIC INTEREST RATES; IV WHAT CAN BE EXPECTED FROM U.S MONETARY POLICY NORMALIZATION?; V THE FED'S NORMALIZATION AND MONETARY AUTONOMY ELSEWHERE; VI EXPLORING THE DETERMINANTS OF MONETARY AUTONOMY; VII CONCLUSION AND POLICY IMPLICATIONS. | |
| 590 | |a eBooks on EBSCOhost |b EBSCO eBook Subscription Academic Collection - Worldwide | ||
| 650 | 0 | |a Monetary policy |z United States. | |
| 650 | 0 | |a Interest rates |z United States. | |
| 650 | 0 | |a Business cycles |z United States. | |
| 650 | 0 | |a Foreign exchange rates |z United States. | |
| 650 | 0 | |a Dollarization |z United States. | |
| 650 | 6 | |a Politique monétaire |z États-Unis. | |
| 650 | 6 | |a Taux d'intérêt |z États-Unis. | |
| 650 | 6 | |a Cycles économiques |z États-Unis. | |
| 650 | 6 | |a Taux de change |z États-Unis. | |
| 650 | 7 | |a Business cycles. |2 fast |0 (OCoLC)fst00842457 | |
| 650 | 7 | |a Dollarization. |2 fast |0 (OCoLC)fst01744651 | |
| 650 | 7 | |a Foreign exchange rates. |2 fast |0 (OCoLC)fst00931816 | |
| 650 | 7 | |a Interest rates. |2 fast |0 (OCoLC)fst00976178 | |
| 650 | 7 | |a Monetary policy. |2 fast |0 (OCoLC)fst01025230 | |
| 651 | 7 | |a United States. |2 fast |0 (OCoLC)fst01204155 | |
| 700 | 1 | |a Carrière-Swallow, Yan, |e author, |e (IMF staff) | |
| 700 | 1 | |a Demir, Ishak, |e author. | |
| 700 | 1 | |a Gruss, Bertrand, |e author, |e (IMF staff) | |
| 710 | 2 | |a International Monetary Fund, |e publisher. | |
| 710 | 2 | |a International Monetary Fund. |b Western Hemisphere Department, |e issuing body. | |
| 830 | 0 | |a IMF working paper ; |v WP/16/195. | |
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