We explore the role of interest rates in monetary policy transmission in China in the context of its multiple … significantly reduces inflation and economic activity. Our findings provide further support to recent studies suggesting that … monetary policy transmission in China has become increasingly similar to that in advanced economies …

play a key role in benefiting from the spillovers of these policies during risk-off episodes. Countries like Japan, which … already had very low long rates, benefited less. However, Japan still benefited from the reduced persistence of risk …

We develop a model to empirically study the influence of global factors in driving trend inflation and the inflation … gap. We apply our model to five established inflation targeters and a group of heterogeneous Asian economies. Our results … suggest that while global factors can have a sizeable influence on the inflation gap, they play only a marginal role in …