BIS paper highlights ‘ripple effect’ of monetary policy


Monetary policy may “ripple” through the economy by impacting the supply and demand of intermediate goods, research published by the Bank for International Settlements finds.

Frederic Boissay, Emilia Garcia-Appendini and Steven Ongena explore detailed data on US firms’ supply chains and “inter-sectoral input-output linkages”. They study how firms’ sales react to monetary shocks via their clients’ financial health, and how firms’ purchases are affected by their suppliers’ financial health.


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