Prasad, Ananthakrishnan; Espinoza, Raphael A. - International Monetary Fund (IMF) - 2012
reducing their freedom to run an independent monetary policy. This paper shows, however, that the pass-through of policy rates … financial markets will increase interest rate pass-through and strengthen monetary policy transmission. … macroprudential tools to affect liquidity and credit. Nonetheless, a panel vector auto regression model suggests that U.S. monetary …