Abstract:El ICEI no comparte necesariamente las opiniones expresadas en este trabajo, que son de exclusiva responsabilidad de sus autores.The divergence in sovereign yields has been presented as a reason for the lack of traction of monetary policy. We use a GVAR framework to assess the transmission of monetary policy in the period 2005-2016. We identify sovereign yield divergence as a key mechanism by which the leverage channel of monetary policy worked. Unconventional monetary policy was successful in mitigating this … Show more
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