The Global Financial Cycle, Monetary Policies and Macroprudential Regulations in Small, Open Economies

Gregory Bauer, Gurnain Pasricha, Rodrigo Sekkel & Yaz Terajima
This paper analyzes the implications of the global financial cycle for conventional and unconventional monetary policies and macroprudential policy in small, open economies such as Canada. The paper starts by summarizing recent work on financial cycles and their growing correlation across borders. The resulting global financial cycle may be followed by a financial crisis that is quite costly. The cycle causes time variation in global risk premia in fixed income, equity and foreign exchange markets....
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