Monetary Policy Cyclicality in Emerging Markets

Author:Donal McGettigan, Kenji Moriyama, and Chad Steinberg

Does monetary policy help smooth or amplify economic cycles? In most advanced markets monetary policy helps smooth cycles. However, for emerging markets, procyclical monetary policy has been a problem, with macroeconomic policies amplifying economic upswings and deepening downturns. This article summarizes research in this area, focusing on monetary policy. Key findings in the research include: (i... (see full summary)

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