Monetary transmission: Are emerging market and low-income countries different?
نویسندگان
چکیده
We use the Christensen, Diebold, and Rudebusch (2011) representation of yield curve to test functioning interest rate transmission mechanism along based on government paper in advanced, emerging market, low-income countries. find a robust link from policy short-term interbank rates longer-term bond yields all Two implications emerge. First, presence well-developed secondary markets does not seem affect short term curve. Second, strength seems be affected by choice monetary regime level development: advanced countries with credible inflation targeting have better-behaved curves than other regimes.
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ژورنال
عنوان ژورنال: Journal of Policy Modeling
سال: 2021
ISSN: ['0161-8938', '1873-8060']
DOI: https://doi.org/10.1016/j.jpolmod.2020.06.006