De Leo, Pierre; Gopinath, Gita; Kalemli-Ozcan, Sebnem - National Bureau of Economic Research - 2022
Conventional wisdom holds that monetary policy in emerging economies is procyclical, unlike in advanced economies …. Using a large sample of countries from the mid-1990s onwards, we show that the conduct of monetary policy is not … economic activity decelerates, both unconditionally and following exogenous U.S. monetary policy tightening. We show that the …