IMF paper refines measurement of monetary policy transmission


Research published by the International Monetary Fund (IMF) attempts to more accurately gauge the transmission of monetary policy to banks, warning that previous studies may have mis-stated the effects.

The working paper, Heterogeneous Bank Lending Responses to Monetary Policy: New Evidence from a Real-time Identification, by John Bluedorn, Christopher Bowdler, and Christoffer Koch, splits monetary policy into that determined by endogenous factors – those relating to the economy – and exogenous

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