BoE paper reviews international transmission mechanism

Close up of Bank Of England facade with the statue of Duke of Wellington Statue created by Francis Chantrey City of London England

A Bank of England paper published on Friday shows the declining response of UK real activity to foreign monetary policy tightening pre-1990s owed to changes in the United Kingdom's monetary policy framework.

Philip Liu, Haroon Mumtaz and Angeliki Theophilopoulou, the paper's authors, use an open economy factor-augmented model between 1974 and 2005 to estimate the response of a large set of UK variables to foreign monetary policy, demand and supply shocks. Liu, Mumtaz and Theophilopoulou note

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