SNB paper analyses relationship between monetary policy and financial integration


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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