货币政策传导异质性：跨国证据

This paper examines the transmission of monetary policy in 33 advanced and emerging market economies between 1991Q2 and 2023Q2. The authors construct a new dataset of monetary policy shocks and find that tightening monetary policy has a swift and negative impact on economic activity, but the effects on inflation and inflation expectations take time to fully materialize. The study also reveals significant heterogeneities in the transmission of monetary policy across countries, with emerging market economies experiencing a more muted response to monetary policy shocks compared to advanced economies. The authors suggest that these findings have important implications for monetary policy design and implementation.

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