SNB paper analyses relationship between monetary policy and financial integration

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Monetary policy is most effective when operating in an environment with the highest possible degree of both financial and real integration, according to a working paper published by the Swiss National Bank last week.

The paper – Financial Globalization and Monetary Transmission, by Simone Meier – uses a New Keynesian open economy framework to assess the ability of monetary policy to affect output and inflation under varying states of international financial and trade integration.

Meier finds that

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