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International Transmissions of Monetary Shocks : Between a Trilemma and a Dilemma

Author: Xuehui Han; Shang-Jin Wei; National Bureau of Economic Research.
Publisher: Cambridge, Mass. National Bureau of Economic Research 2016.
Series: Working paper series (National Bureau of Economic Research), no. w22812.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
This paper re-examines international transmissions of monetary policy shocks from advanced economies to emerging market economies. In terms of methodologies, it combines three novel features. First, it separates co-movement in monetary policies due to common shocks from spillovers of monetary policies from advanced to peripheral economies. Second, it uses surprises in growth and inflation and the Taylor rule to  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Xuehui Han; Shang-Jin Wei; National Bureau of Economic Research.
OCLC Number: 1008875351
Notes: November 2016.
Description: 1 online resource
Series Title: Working paper series (National Bureau of Economic Research), no. w22812.
Responsibility: Xuehui Han, Shang-Jin Wei.

Abstract:

This paper re-examines international transmissions of monetary policy shocks from advanced economies to emerging market economies. In terms of methodologies, it combines three novel features. First, it separates co-movement in monetary policies due to common shocks from spillovers of monetary policies from advanced to peripheral economies. Second, it uses surprises in growth and inflation and the Taylor rule to gauge desired changes in a country's interest rate if it is to focus exclusively on growth, inflation, and real exchange rate stability. Third, it proposes a specification that can work with the quantitative easing episodes when no changes in US interest rate are observed. In terms of empirical findings, we differ from the existing literature and document patterns of "2.5-lemma" or something between a trilemma and a dilemma: without capital controls, a flexible exchange rate regime offers some monetary policy autonomy when the center country tightens its monetary policy, yet it fails to do so when the center country lowers its interest rate. Capital controls help to insulate periphery countries from monetary policy shocks from the center country even when the latter lowers its interest rate.

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