Spillovers more widespread than previously thought – Boston Fed

Many central banks cause spillovers besides the Federal Reserve, researcher says

monetary aggregates

Many middle- and high-income central banks cause spillovers through bond pricing, and these affect the US and other developed countries, a researcher with the Federal Reserve Bank of Boston finds.

“Central banks, especially the Federal Reserve, are affected by greater spillovers than is commonly believed,” says economist Christopher Cotton. Spillovers modify interest rates in other countries, even those with independent monetary policy and a floating interest rate.

Previous research has tended

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