Advanced economies suffer greater spillovers – BIS research

The Bank for International Settlements, Basel
Photo: Ulrich Roth

Advanced economies tend to suffer greater spillovers from monetary policy than emerging markets, due to their closer integration in global markets, according to a working paper published by the Bank for International Settlements.

Authors Jonathan Kearns, Andreas Schrimpf and Dora Xia try to pin down a causal spillover effect, noting that some previous studies have struggled to distinguish spillovers from common drivers. They study monetary policy shocks emanating from seven advanced-economy

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