Intro -- Contents -- I. INTRODUCTION -- II. FINANCIAL DEREGULATION AND DISINTERMEDIATION -- III. CHANGES IN MONETARY TRANSMISSION: EVIDENCE FROM VAR MODELS -- IV. CHANGES IN MONETARY TRANSMISSION: EVIDENCE FROM STRUCTURAL MODELS -- V. CONCLUSIONS AND POLICY IMPLICATIONS -- References.

The U.S. Federal Reserve responded to the great recession by reducing policy rates to the effective lower bound. In order to provide further monetary stimulus, they subsequently conducted large-scale asset purchases, quadrupling their balance sheet in the process. We assess the international...