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| 02624cam 2200409zi 4500 |
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| 001 | 9.888288 |
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| 003 | CaOODSP |
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| 005 | 20221107171940 |
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| 006 | m o d f |
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| 007 | cr |n||||||||| |
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| 008 | 200615t20202020oncd ob f000 0 eng d |
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| 040 | |aCaOODSP|beng|erda|cCaOODSP |
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| 041 | |aeng|bfre |
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| 086 | 1 |aFB3-5/2020-25E-PDF |
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| 100 | 1 |aFriedrich, Christian, |d1983- |eauthor. |
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| 245 | 10|aMonetary policy independence and the strength of the global financial cycle / |cby Christian Friedrich, Pierre Guérin and Danilo Leiva-Léon. |
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| 264 | 1|aOttawa, Ontario, Canada : |bBank of Canada = Banque du Canada, |c2020. |
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| 264 | 4|c©2020 |
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| 300 | |a1 online resource (52 pages) : |bgraphs (mostly colour). |
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| 336 | |atext|btxt|2rdacontent |
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| 337 | |acomputer|bc|2rdamedia |
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| 338 | |aonline resource|bcr|2rdacarrier |
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| 490 | 1 |aStaff working paper = Document de travail du personnel, |x1701-9397 ; |v2020-25 |
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| 500 | |aCover title. |
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| 500 | |a"Last updated: June 5, 2020." |
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| 504 | |aIncludes bibliographical references (pages 32-37). |
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| 520 | 3 |a"We propose a new strength measure of the global financial cycle by estimating a regime-switching factor model on cross-border equity flows for 61 countries. We then assess how the strength of the global financial cycle affects monetary policy independence, which is defined as the response of central banks' policy interest rates to exogenous changes in inflation. We show that central banks tighten their policy rates in response to an unanticipated increase in the inflation gap during times when global financial cycle strength is low. During times of high financial cycle strength, however, the responses of the same central banks to the same unanticipated changes in the inflation gap appear muted. Finally, by assessing the impact of different policy tools on countries' sensitivities to the global financial cycle, we show that using capital controls, macroprudential policies, and the presence of a flexible exchange rate regime can increase monetary policy independence"--Abstract. |
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| 546 | |aIncludes abstract in French. |
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| 650 | 0|aMonetary policy. |
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| 650 | 0|aForeign exchange rates. |
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| 650 | 0|aInternational finance. |
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| 650 | 6|aPolitique monétaire. |
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| 650 | 6|aTaux de change. |
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| 650 | 6|aSystème monétaire international. |
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| 710 | 2 |aBank of Canada, |eissuing body. |
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| 830 | #0|aStaff working paper (Bank of Canada)|x1701-9397 ; |v2020-25.|w(CaOODSP)9.806221 |
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| 856 | 40|qPDF|s1.64 MB|uhttps://publications.gc.ca/collections/collection_2020/banque-bank-canada/FB3-5-2020-25-eng.pdf |
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