Balance sheet features impact global spillovers – NY Fed paper

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Some banks appear to transmit policy more than others

Features of bank balance sheets affect the extent to which monetary policy spills across borders, according to an international research project. Some of the project’s results were published recently by the Federal Reserve Bank of New York.

Claudia Buch, Matthieu Bussière, Linda Goldberg and Robert Hills note that banks’ decisions play a “central role” in policy transmission. Their “meta-analysis” draws out some of the results from several individual country studies, conducted under the

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