Is monetary policy less effective in boosting aggregate demand and output during periods of
persistently low interest rates? This paper reviews the reasons why this might be the case …

Using evidence from four major central banks, we decompose news conveyed by central-
bank communication into news about monetary policy (monetary news), as well as non …

In emerging market economies, currency appreciation goes hand in hand with compressed
sovereign bond spreads, even for local currency sovereign bonds. This yield compression …

This paper shows that changes in the tone of central bank communication have a significant
effect on asset prices. Tone captures how the central bank frames economic fundamentals …

This paper relies on a high‐frequency identification approach to provide new insights into
monetary policy spillovers by major central banks. Our long and broad sample (1999–2019 …

We propose a “debt view” to explain the dominant international role of the dollar. Within a
simple capital-structure model with debt-currency choice, we show that the “dominant …

This paper evaluates the popular view that quantitative easing exerts greater international
spillovers than conventional monetary policies. We employ a novel approach to compare the …

I empirically study the impact of monetary policy on Bitcoin, and show that is has evolved
over time. First, based on high-frequency data, the paper documents that Bitcoin prices did …

Based on a panel of 18 advanced countries starting in 1985, we find that monetary
transmission to economic activity is substantially weaker when interest rates are low. The …

In this paper, we examine whether financial spillovers from the European Central Bank's
monetary policy have consequences for the effectiveness of domestic monetary policy in …