This paper examines international spillovers from unconventional monetary policy (UMP) between the US, the Euro area, the UK and Japan, exploiting the asynchronous timing of monetary policy normalization to shed light on the term structure implications of UMP divergence. Using high frequency...

When policymakers implement a disinflation program directed at high inflation, the real dollar value of their country's stock market index experiences a cumulative abnormal 12-month return of 48 percent in anticipation of the event. In contrast, the average cumulative abnormal 12-month return...

This paper uses a ‘trendy' approach to understand UK inflation dynamics. It focuses on the time series to isolate a low-frequency and slow-moving component of inflation (the trend) from deviations around this trend. We find that this slow-moving trend explains a substantial share of UK...

Countries around the world have tended to become more closely linked through the movement of goods, capital and people over time. It is often argued that this globalisation is a seemingly irreversible trend that can only move in one direction, especially in international finance. For example,...