Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies PDF Download

Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies PDF full book. Access full book title Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies by Mr.Joseph E. Gagnon. Download full books in PDF and EPUB format.

Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies

Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies PDF Author: Mr.Joseph E. Gagnon
Publisher: International Monetary Fund
ISBN: 1475586973
Category : Business & Economics
Languages : en
Pages : 52

Get Book Here

Book Description
This paper explores the effects of unconventional monetary and exchange rate policies. We find that official foreign asset purchases have large effects on current accounts that diminish as capital mobility rises and spill over to financially integrated countries. There is an additional effect through the stock of central bank assets. Domestic asset purchases have an effect on current accounts only when capital mobility is low. We also find that rising US bond yields drive foreign yields, stock prices and depreciations, but less so on days of policy announcements. We develop a theoretical model that is broadly consistent with our results.