Regulation affects pass-through to current account, BoE paper finds

The Bank of England

The degree of regulation in financial and product markets affects whether monetary policy expansion translates into a rise or fall in the current account, according to a discussion paper published by the Bank of England (BoE) on March 4.

Authors Ida Hjortsoe, Martin Weale and Tomasz Wieladek tackle the problem both theoretically, using a structural model, and empirically, using a vector autoregression model, in the paper Monetary policy and the current account; theory and evidence.

They find

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