BIS papers study effects of monetary and fiscal policy shocks
The Bank for International Settlements last week published a collection of new scholarly articles, examining the effects of both fiscal and monetary policy shocks, on exchange rates and commodity prices respectively, and a piece on monetary policy-makers' interest rate preferences.
In Fiscal Shocks and the Real Exchange Rate, Agustín Bénétrix and Philip Lane of Trinity College, Dublin, find that fiscal shocks within the eurozone appreciates the real exchange rate – whereas increased government
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