IMF paper refines measurement of monetary policy transmission

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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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