The Role of International Financial Integration in Monetary Policy Transmission
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https://www.nber.org/papers/w32128
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Motivated by empirical evidence, we propose an open-economy New Keynesian model with financial integration that allows financial intermediaries to hold foreign long-term bonds. We find financial integration features an amplification for a domestic monetary policy shock and a negative spillover for a
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美国国家经济研究局创建时间：
2024-02-01
