U.S. monetary policy normalization and global interenst rates /:
As the Federal Reserve continues to normalize its monetary policy, this paper studies the impact of U.S. interest rates on rates in other countries. We find a modest but nontrivial pass-through from U.S. to domestic short-term interest rates on average. We show that, to a large extent, this comoveme...
Gespeichert in:
| Hauptverfasser: | , , , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2016]
|
| Schriftenreihe: | IMF working paper ;
WP/16/195. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | As the Federal Reserve continues to normalize its monetary policy, this paper studies the impact of U.S. interest rates on rates in other countries. We find a modest but nontrivial pass-through from U.S. to domestic short-term interest rates on average. We show that, to a large extent, this comovement reflects synchronized business cycles. However, there is important heterogeneity across countries, and we find evidence of limited monetary autonomy in some cases. The co-movement of longer term interest rates is larger and more pervasive. We distinguish between U.S. interest rate movements that surprise markets versus those that are anticipated, and find that most countries receive greater spillovers from the former. We also distinguish between movements in the U.S. term premium and the expected path of risk-free rates, concluding that countries respond differently to these shocks. Finally, we explore the determinants of monetary autonomy and find strong evidence for the role of exchange rate flexibility, capital account openness, but also for other factors, such as dollarization of financial system liabilities, and the credibility of fiscal and monetary policy. |
| Beschreibung: | "September 2016." At head of title: International Monetary Fund, Western Hemisphere Department. |
| Beschreibung: | 1 online resource (46 pages) : color illustrations |
| Bibliographie: | Includes bibliographical references (pages 34-36). |
| ISBN: | 9781475543056 1475543050 1475543247 9781475543247 |
| ISSN: | 1018-5941 ; |
Internformat
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| 245 | 1 | 0 | |a U.S. monetary policy normalization and global interenst rates / |c prepared by Carlos Caceres, Yan Carrière-Swallow, Ishak Demir, and Bertrand Gruss. |
| 246 | 3 | |a United States monetary policy normalization and global interenst rates | |
| 264 | 1 | |a [Washington, D.C.] : |b International Monetary Fund, |c [2016] | |
| 264 | 4 | |c ©2016 | |
| 300 | |a 1 online resource (46 pages) : |b color illustrations | ||
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| 490 | 1 | |a IMF working paper, |x 1018-5941 ; |v WP/16/195 | |
| 500 | |a "September 2016." | ||
| 500 | |a At head of title: International Monetary Fund, Western Hemisphere Department. | ||
| 504 | |a Includes bibliographical references (pages 34-36). | ||
| 520 | 3 | |a As the Federal Reserve continues to normalize its monetary policy, this paper studies the impact of U.S. interest rates on rates in other countries. We find a modest but nontrivial pass-through from U.S. to domestic short-term interest rates on average. We show that, to a large extent, this comovement reflects synchronized business cycles. However, there is important heterogeneity across countries, and we find evidence of limited monetary autonomy in some cases. The co-movement of longer term interest rates is larger and more pervasive. We distinguish between U.S. interest rate movements that surprise markets versus those that are anticipated, and find that most countries receive greater spillovers from the former. We also distinguish between movements in the U.S. term premium and the expected path of risk-free rates, concluding that countries respond differently to these shocks. Finally, we explore the determinants of monetary autonomy and find strong evidence for the role of exchange rate flexibility, capital account openness, but also for other factors, such as dollarization of financial system liabilities, and the credibility of fiscal and monetary policy. | |
| 588 | 0 | |a Online resource; title from pdf title page (IMF.org Web site, viewed October 27, 2016). | |
| 505 | 0 | |a Cover; Contents; Abstract; I INTRODUCTION; II DATA; III PASS-THROUGH FROM U.S TO DOMESTIC INTEREST RATES; IV WHAT CAN BE EXPECTED FROM U.S MONETARY POLICY NORMALIZATION?; V THE FED'S NORMALIZATION AND MONETARY AUTONOMY ELSEWHERE; VI EXPLORING THE DETERMINANTS OF MONETARY AUTONOMY; VII CONCLUSION AND POLICY IMPLICATIONS. | |
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| 700 | 1 | |a Carrière-Swallow, Yan, |e author, |e (IMF staff) | |
| 700 | 1 | |a Demir, Ishak, |e author. | |
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| 710 | 2 | |a International Monetary Fund, |e publisher. |0 http://id.loc.gov/authorities/names/n81052755 | |
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| author | Caceres, Carlos (Economist) Carrière-Swallow, Yan Demir, Ishak Gruss, Bertrand |
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| contents | Cover; Contents; Abstract; I INTRODUCTION; II DATA; III PASS-THROUGH FROM U.S TO DOMESTIC INTEREST RATES; IV WHAT CAN BE EXPECTED FROM U.S MONETARY POLICY NORMALIZATION?; V THE FED'S NORMALIZATION AND MONETARY AUTONOMY ELSEWHERE; VI EXPLORING THE DETERMINANTS OF MONETARY AUTONOMY; VII CONCLUSION AND POLICY IMPLICATIONS. |
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| series | IMF working paper ; |
| series2 | IMF working paper, |
| spelling | Caceres, Carlos (Economist), author, (IMF staff) https://id.oclc.org/worldcat/entity/E39PCjr7f3xwcfQwbgXMjhjWfy http://id.loc.gov/authorities/names/no2016144801 U.S. monetary policy normalization and global interenst rates / prepared by Carlos Caceres, Yan Carrière-Swallow, Ishak Demir, and Bertrand Gruss. United States monetary policy normalization and global interenst rates [Washington, D.C.] : International Monetary Fund, [2016] ©2016 1 online resource (46 pages) : color illustrations text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper, 1018-5941 ; WP/16/195 "September 2016." At head of title: International Monetary Fund, Western Hemisphere Department. Includes bibliographical references (pages 34-36). As the Federal Reserve continues to normalize its monetary policy, this paper studies the impact of U.S. interest rates on rates in other countries. We find a modest but nontrivial pass-through from U.S. to domestic short-term interest rates on average. We show that, to a large extent, this comovement reflects synchronized business cycles. However, there is important heterogeneity across countries, and we find evidence of limited monetary autonomy in some cases. The co-movement of longer term interest rates is larger and more pervasive. We distinguish between U.S. interest rate movements that surprise markets versus those that are anticipated, and find that most countries receive greater spillovers from the former. We also distinguish between movements in the U.S. term premium and the expected path of risk-free rates, concluding that countries respond differently to these shocks. Finally, we explore the determinants of monetary autonomy and find strong evidence for the role of exchange rate flexibility, capital account openness, but also for other factors, such as dollarization of financial system liabilities, and the credibility of fiscal and monetary policy. Online resource; title from pdf title page (IMF.org Web site, viewed October 27, 2016). Cover; Contents; Abstract; I INTRODUCTION; II DATA; III PASS-THROUGH FROM U.S TO DOMESTIC INTEREST RATES; IV WHAT CAN BE EXPECTED FROM U.S MONETARY POLICY NORMALIZATION?; V THE FED'S NORMALIZATION AND MONETARY AUTONOMY ELSEWHERE; VI EXPLORING THE DETERMINANTS OF MONETARY AUTONOMY; VII CONCLUSION AND POLICY IMPLICATIONS. Monetary policy United States. Interest rates United States. Business cycles United States. Foreign exchange rates United States. Dollarization United States. Politique monétaire États-Unis. Taux d'intérêt États-Unis. Cycles économiques États-Unis. Taux de change États-Unis. Dollarisation États-Unis. Business cycles fast Dollarization fast Foreign exchange rates fast Interest rates fast Monetary policy fast United States fast https://id.oclc.org/worldcat/entity/E39PBJtxgQXMWqmjMjjwXRHgrq Carrière-Swallow, Yan, author, (IMF staff) Demir, Ishak, author. Gruss, Bertrand, author, (IMF staff) International Monetary Fund, publisher. http://id.loc.gov/authorities/names/n81052755 International Monetary Fund. Western Hemisphere Department, issuing body. http://id.loc.gov/authorities/names/n82237138 has work: U.S. monetary policy normalization and global interenst rates (Text) https://id.oclc.org/worldcat/entity/E39PCFyrfYcgcqVqhXTD6bcwYP https://id.oclc.org/worldcat/ontology/hasWork IMF working paper ; WP/16/195. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1388141 Volltext |
| spellingShingle | Caceres, Carlos (Economist) Carrière-Swallow, Yan Demir, Ishak Gruss, Bertrand U.S. monetary policy normalization and global interenst rates / IMF working paper ; Cover; Contents; Abstract; I INTRODUCTION; II DATA; III PASS-THROUGH FROM U.S TO DOMESTIC INTEREST RATES; IV WHAT CAN BE EXPECTED FROM U.S MONETARY POLICY NORMALIZATION?; V THE FED'S NORMALIZATION AND MONETARY AUTONOMY ELSEWHERE; VI EXPLORING THE DETERMINANTS OF MONETARY AUTONOMY; VII CONCLUSION AND POLICY IMPLICATIONS. Monetary policy United States. Interest rates United States. Business cycles United States. Foreign exchange rates United States. Dollarization United States. Politique monétaire États-Unis. Taux d'intérêt États-Unis. Cycles économiques États-Unis. Taux de change États-Unis. Dollarisation États-Unis. Business cycles fast Dollarization fast Foreign exchange rates fast Interest rates fast Monetary policy fast |
| title | U.S. monetary policy normalization and global interenst rates / |
| title_alt | United States monetary policy normalization and global interenst rates |
| title_auth | U.S. monetary policy normalization and global interenst rates / |
| title_exact_search | U.S. monetary policy normalization and global interenst rates / |
| title_full | U.S. monetary policy normalization and global interenst rates / prepared by Carlos Caceres, Yan Carrière-Swallow, Ishak Demir, and Bertrand Gruss. |
| title_fullStr | U.S. monetary policy normalization and global interenst rates / prepared by Carlos Caceres, Yan Carrière-Swallow, Ishak Demir, and Bertrand Gruss. |
| title_full_unstemmed | U.S. monetary policy normalization and global interenst rates / prepared by Carlos Caceres, Yan Carrière-Swallow, Ishak Demir, and Bertrand Gruss. |
| title_short | U.S. monetary policy normalization and global interenst rates / |
| title_sort | u s monetary policy normalization and global interenst rates |
| topic | Monetary policy United States. Interest rates United States. Business cycles United States. Foreign exchange rates United States. Dollarization United States. Politique monétaire États-Unis. Taux d'intérêt États-Unis. Cycles économiques États-Unis. Taux de change États-Unis. Dollarisation États-Unis. Business cycles fast Dollarization fast Foreign exchange rates fast Interest rates fast Monetary policy fast |
| topic_facet | Monetary policy United States. Interest rates United States. Business cycles United States. Foreign exchange rates United States. Dollarization United States. Politique monétaire États-Unis. Taux d'intérêt États-Unis. Cycles économiques États-Unis. Taux de change États-Unis. Dollarisation États-Unis. Business cycles Dollarization Foreign exchange rates Interest rates Monetary policy United States |
| url | https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1388141 |
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