Yilmazkuday Hakan
Department of Economics, Florida International University, Miami, FL 33199, USA.
Financ Res Lett. 2022 Jan;44:102103. doi: 10.1016/j.frl.2021.102103. Epub 2021 May 3.
Using daily data on policy rates from 28 advanced economies and 32 emerging markets, this paper investigates the monetary policy reaction function of central banks during the Coronavirus Disease 2019 (COVID-19) outbreak. The results show that emerging markets or countries without a zero bound on their interest rates were able to reduce interest rates as a reaction to reduced economic activity and to the volatility in their exchange rates, whereas advanced economies or countries with a zero bound on their interest rates were not. Several policy implications follow for countries with a zero bound on their interest rates amid COVID-19.
本文利用28个发达经济体和32个新兴市场的政策利率日数据，研究了2019年冠状病毒病（COVID-19）疫情期间各国央行的货币政策反应函数。结果表明，新兴市场或利率无下限的国家能够通过降低利率来应对经济活动的减少和汇率波动，而发达经济体或利率有下限的国家则无法做到。这对COVID-19疫情期间利率有下限的国家具有若干政策启示。
