Economists call this chain of developments the transmission mechanism. My focus here is on the first ... Any widening or narrowing of risk premiums is not something monetary policy can influence. But ...

Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate This paper examines the impact of a monetary policy shock on output, prices, ...

We study the two-way relationship between fixed-rate mortgages (FRMs) and monetary policy in a panel of up to 35 countries over the last two decades. The dataset includes quarterly information on the ...