Financial openness key for monetary spillovers – RBA research

Flow chart

Financial openness is the main factor contributing to stronger interest rate spillovers, says a research discussion paper published today (April 24) by the Reserve Bank of Australia.

In Explaining monetary spillovers: the Matrix reloaded, Jonathan Kearns, Andreas Schrimpf and Fan Dora Xia assess the difference channels through which spillovers take place, and why some economies are more affected than others.

The researchers study how monetary policy shocks in seven advanced economies affected

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