Template-Type: ReDIF-Paper 1.0
Author-Name: Fernando Avalos
Author-X-Name-First: Fernando
Author-X-Name-Last: Avalos
Author-Name: Deniz Igan
Author-X-Name-First: Deniz
Author-X-Name-Last: Igan
Author-Name: Cristina Manea
Author-X-Name-First: Cristina
Author-X-Name-Last: Manea
Author-Name: Richhild Moessner
Author-X-Name-First: Richhild
Author-X-Name-Last: Moessner
Title: Monetary policy, financial conditions and real activity: is this time different?
Abstract: During the current monetary policy tightening episode, financial conditions co-moved closely with policy rates, especially in the initial stages but with some differentiation across countries.
For advanced economies, the tightening of financial conditions was stronger this time than in the past,
while its full impact on real activity appears to be taking longer than usual.
Financial conditions may continue tightening long after central banks stop raising policy rates, with
possible implications for financial stability. 
Length: 9 pages
Creation-Date: 2023-11-23
File-URL: https://www.bis.org/publ/bisbull80.pdf
File-Format: Application/pdf
File-Function: Full PDF document
File-URL: https://www.bis.org/publ/bisbull80.htm
File-Format: text/html
Number: 80
Handle: RePEc:bis:bisblt:80