Global monetary policy and domestic stability

This paper by the Cayman Islands Monetary Authority examines the implication of improvements in global monetary-policymaking on the macroeconomic performance of small open economies.

The largely theoretical paper finds that the performance of the domestic macroeconomy depends crucially on domestic monetary policy, but "there remains significant potential for monetary policy abroad to improve the stability of inflation and output in a small open economy."

"Importantly, how much of this potential

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