BIS researcher examines countercyclical policy in emerging markets

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A special feature published in the Bank for International Settlements' Quarterly Review on June 3 examines the empirical evidence of countercyclical monetary and fiscal policy in emerging markets.

Author Előd Takáts used data from a group of emerging market countries to estimate the correlation between monetary and fiscal policies and the business cycle, and assess whether monetary policy is "dominated" by expansionary fiscal policy.

The feature found that countercyclical fiscal and monetary

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