Fed paper examines financial spillovers of US monetary policy

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US monetary policy does spill over to other countries via financial channels, but the effects differ depending on whether policy changes are conventional or unconventional, according to a working paper published by the US Federal Reserve Board.

US monetary policy and international bond markets, by Simon Gilchrist, Vivian Yue and Egon Zakrajsek, draws on high-frequency data on US Treasury yields in the brief period around policy decisions to capture unanticipated movements in policy.

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