Diminishing importance of US in world economy mutes knock-on effects, finds BoJ paper

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Contractionary US monetary policy shocks reduced domestic production across a range of "advanced, Latin American, and Asian countries" in the 1990s – but in the 2000s, the adverse effects were moderated, according to a new paper from four economists at the Bank of Japan (BoJ).

In Cross-country transmission effect of the US monetary shock under global integration, Yoshiyuki Fukuda, Yuki Kimura, Nao Sudo and Hiroshi Ugai from the BoJ's international and financial system and bank examination

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