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International risk spillovers: implications for emerging markets’ monetary policy frameworks with an application to Chile
Among the factors behind international spillovers, U.S. monetary policy developments retain a major influence. Such developments
drive the global financial cycle as strongly demonstrated by Rey (2013), Miranda-Agrippino and Rey (2020), Miranda-Agrippino and
Rey (2021). The dramatic U.S. monetary ...
Central banking with many voices: the communications arms race
The job of central bankers is to use the monetary powers granted to them to promote price stability, sustainable growth, and a stable financial system. They do this in an environment fraught with unavoidable uncertainties. But, in conducting policy, there is one uncertainty that policymakers can and ...