000 02330cam a22004457a 4500
001 w30458
003 NBER
005 20221003151016.0
006 m o d
007 cr cnu||||||||
008 221003s2022 mau fo 000 0 eng d
040 _aMaCbNBER
_beng
_cMaCbNBER
100 1 _aDe Leo, Pierre.
245 1 0 _aMonetary Policy Cyclicality in Emerging Economies /
_cPierre De Leo, Gita Gopinath, Ṣebnem Kalemli-Özcan.
260 _aCambridge, Mass.
_bNational Bureau of Economic Research
_c2022.
300 _a1 online resource:
_billustrations (black and white);
490 1 _aNBER working paper series
_vno. w30458
500 _aSeptember 2022.
520 3 _aConventional 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 fundamentally different across these two groups of countries. Emerging and advanced economies alike lower their policy rates when economic activity decelerates, both unconditionally and following exogenous U.S. monetary policy tightening. We show that the common practice of using market rates, such as government bond rates, to proxy for the stance of monetary policy leads one to draw inaccurate conclusions about emerging economies' monetary policy cyclicality due to inherent risk premia in those market rates.
530 _aHardcopy version available to institutional subscribers
538 _aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538 _aMode of access: World Wide Web.
588 0 _aPrint version record
690 7 _aGeneral
_2jelc
650 7 _aGeneral
_2jelc
084 _aE0
_2jelc
690 7 _aGeneral
_2jelc
650 7 _aGeneral
_2jelc
084 _aF0
_2jelc
690 7 _aInternational Finance
_2jelc
650 7 _aInternational Finance
_2jelc
084 _aF3
_2jelc
700 1 _aGopinath, Gita.
_911670
700 1 _aKalemli-Özcan, Ṣebnem.
_913887
710 2 _aNational Bureau of Economic Research.
830 0 _aWorking Paper Series (National Bureau of Economic Research)
_vno. w30458.
856 4 0 _uhttps://www.nber.org/papers/w30458
856 _yAcceso en línea al DOI
_uhttp://dx.doi.org/10.3386/w30458
942 _2ddc
_cW-PAPER
999 _c390169
_d348731